Or look at the text view of your post/page when you edit the post/page inside your WP Dashboard:
The code would be like the following:
Replace [ with < and ] with >
The code editor here will convert this code and try to perform these instructions.

[a href="/the web page" target="_blank"][font color="red]My super cool web link[/font][/a]

The font color command is used to change the color.
Target is _blank, opens the link in a new page. Usually used when linking to pages outside of your domain.

Some themes have that option. You need to go into the back office and study what options you have there. You may or may not be able to do that.

Go to the edit page of your post or page, put the link in your desired spot>highlight it>the top of your page is the link symbol>click on it>paste link in URL box>click open in new window>add link. Hope that helps.