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I am just wondering if I should put rune with health or magicka on my armor.
Honestly, if I were you, I would get some "placeholder" gear that you can manage by with but not break the bank (if you paying a crafter or even using your own mats). I would put the trait on it that gains you xp faster. And I would just play through the pve content and focus on gaining higher CP rank.
The game feels a lot different when you have 400+ CP and the proper gear. I'd focus on leveling up.