I have a redtick coonhound that lives on our 20 acres here and he loves his squirrels. He has been trained with the 4 basic commands that Daplumma has mentioned but before that time I use and still use occasionally a trainers collar. Invest in a good one that has at least a 300 yard range with both an audible and a shock settings. Around here I am not worried about him getting a hold of a wild animal but that he will follow his blood and run for miles.I have been very pleased with a collar made by innoteck model # adv1000p It will run you around $150.oo US.
As far as CH312 comment I hope you never have to explain to little Timmy that you shot his dog because it got out of the fenced in area because you legally could in your mind. Here in the USA if you are not a law officer you may only shoot an animal that shows any sign (collar) of being domesticated if the animal is damaging your livestock.
Any how nice choice in dogs I have always loved the hounds.
Art