The trick to etching with ferric concerning the "mix".....the more diluted with distilled water, the longer it takes to etch, but the "cleaner the etch comes out. 3 or 4:1 dilution is generally considered the best ratio for a good etch, without taking too long. Personally, I keep both 3:1 and 6:1 in the shop.....3:1 is what I use for etching damascus, and I use the 6:1 for etching "straight" steel blades. I found out a long time ago that there is a very fine line on straight steel blades between getting just the right "etch", and having the blade come out all pitted up....so gradually I started diluting until I got to 6:1 for straight steels.
The most essential part of etching anything in ferric is CLEAN. First thing I do is put on latex gloves, then clean the blade(s) with acetone, then with windex. Make sure the windex is COMPLETELY dry/gone (if a single drop of windex gets into your ferric, it will "kill" it.) I once "killed" a whole tank of ferric because I sprayed a blade with windex near the tank....and got overspray into the tank. I tried for two days to etch that blade (that would not etch) before I realized what I'd done.
If you're only gona use it "every now and then" and do smaller blades, a gallon plastic jar will work fine. If you're going to be using ferric all the time like I do, build yourself a container out of 4" diameter PVC pipe. Cut a piece of 4" PVC a few inches longer then you ever thing you'll need (eventually you'll need to build a longer one

) Glue a PVC cap on one end, and a threaded fitting for one of the "clean out" lids on the other. I built two (but now I have serval between the two shops)....one for ferric, and another for TSP (neutralizes the ferric). Mine are 20" long, and are secured in a holder bolted to the edge of my finish bench.