The Armor
I suggest using green dragon hide armor or if u don't have a high enough range any leather armor will work. Only wear this armor when you are being hunted.
It doesn't matter what armor you wear when you are hunting as long as you have the right weapons.
The Weapons
The most powerful weapons that you can use. A power or strength amulet will help.
The Strategy (Hunting)
When hunting always run towards the middle and wait for about ten seconds. If your opponent doesn't come, go in the direction that you came to the middle. He will either be at one of the houses or waiting at the edge. You should see your opponent on the mini map. If he/she is not there go back to the middle. If they are waiting on the edge of the arena they will probably use the tele-orb to back to the middle. Just run back and attack with what ever weapon you are using. Just follow them if they try to run away and check all houses if they use one. Binding is an effective spell to use when hunting a person that likes to run away.
The Strategy (Hunted)
Note u must wear armor that will protect u from magic as it is the most common when hunting
You have ten minutes to get as many charges as possible. That's 600 seconds to get about 2000 charges. And u get ????? charges every 3 seconds. So you get 200 of the 3/6/10/15+ charges. It works in stages. 3;6;10;15 and so on. All u need to do is stay in the 10 charge per 3 seconds area and you should get 2000 charges. Remember to always move your screen or mouse because you may log out due to inactive use.
Hope this helps.