How do we Watch and Pray as Messiah Commanded (Luke 21:34-36)?

Are we living in the Last Days?  What are the characteristics of the Last Days?  What should we watch for?

Truly I say to you, this generation will not pass away until all things take place. Heaven and earth will pass away, but My words will not pass away. Watch Yourselves Be on guard, so that your hearts will not be weighted down with dissipation and drunkenness and the worries of life, and that day will not come on you suddenly like a trap; for it will come upon all those who dwell on the face of all the earth. But keep on the alert at all times, praying that you may have strength to escape all these things that are about to take place, and to stand before the Son of Man. (Luke 21:32-36)

What generation is Yeshua (Jesus) talking about? What is a generation?

But of the times and the seasons, brethren, ye have no need that I write unto you. For yourselves know perfectly that the day of the Lord so cometh as a thief in the night. For when they shall say, Peace and safety; then sudden destruction cometh upon them, as travail upon a woman with child; and they shall not escape. But ye, brethren, are not in darkness, that that day should overtake you as a thief. Ye are all the children of light, and the children of the day: we are not of the night, nor of darkness. Therefore let us not sleep, as do others; but let us watch and be sober. (1 Thessalonians 5:1-6) 

Without a prophetic vision, the people throw off all restraint; but he who keeps Torah is happy. (Proverbs 29:18 CJB) 

Despise not prophesyings. (1 Thessalonians 5:20) 

Know this first of all, that in the last days mockers will come with their mocking, following after their own lusts, and saying, Where is the promise of His coming? For ever since the fathers fell asleep, all continues just as it was from the beginning of creation. (2 Peter 3:3-4 NASB)