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1. increase spawn rate, water candles, battle potions, farming during bloodmoons etc.
2. Increase luck, this is now a stat :D
Make sure you place hallowed torches, and no regular ones, this will give you "torch luck" also, place a gnome statue in or near your farm, this also gives a luck bonus. Luck potions also give a bonus, made with ladybugs found on windy days in towns, and pearls, from opening oysters fished in oasis biomes. You also get luck on "lantern nights" (the nights after you beat any boss for the first time) ladybug luck (which is separate from the potion, you get it by touching a ladybug, releasing a previously caught bug doesn't work though, have to find it, oddly enough killing the guide in lava, including with voodoo dolls, also gives ladybug luck.
In essence luck will make rare spawns like chaos elementals more common, as well as increase rare item drops like rod of discord :D
yeah i know it's really hard to get.
http://steamcommunity.com/groups/thelegendarytraders
though late game items are very expensive, so it might be 1-3 platinum.