>>922960A lot more than can be said in one post unfortunately. Read about the basics and come back here with specific questions.
To start though you need the same stuff as you do in a tent, with the addition of a few extras.
You need weather protection, insulation above you and below you.
Weather protection is a tarp. See here
>>920026The best insulation below you is an underquilt. To start though you can use a pad in a hammock. It's not ideal but it works. The cheapest underquilt made is probably the snugpak underblanket. It's about $50. It works alright down to about 35 degrees. Some people go lower with it, I don't trust it colder than that.
Insulation above you is easy, just use your sleeping bag. If you have a good pad or underquilt you can unzip the bag and lay on top of you like a top quilt. The cheapest dedicated top quilt, once agin, is a snugpak. It's called the hammock quilt. It's about the same as the underblanket in terms of temps. It's only like $35 or so.
You need a hammock, and suspension. There's dozens of options. Stay away from ENO, as they're way overpriced and extremely short. Find a hammock that's 11 ft long. A 10ft hammock woks but I find they are less comfortable. I have a 9ft, 10ft, and 11ft hammock, the 11 is my favorite. My favorite brands are Dutchware, Warbonnet, dream hammock, Arrowhead equipment, and Wilderness Logics. They will range from about $45 to $200 depending on the hammock. Nothing wrong at all with a cheap dutchware hammock, it won't have bug netting, but in cold weather you won't need it. You can add a bug net later for summer use. I generally just cover myself in bug spray and I'm good for the night. My area is also not very buggy at all.
