I was told for black to use cocoa powder then black .... I hope that works! But for red I'm hearing its very hard to get....Help plz I need a nice christmas red....I have wilton paste colours do I really need to use a whole bottle??

One trick I learned was to use orange first, then add the red. You won't have to use as much. The red color will also intensify if you let it set it for a few hours before using it.

Yes, you can use pink, yellow or orange as a base color for red.
If you can use flavored icing add about 1/4 teaspoon UNsweetened red KoolAid powder I prefere black cherry;others say strawberry. This *must* be mixed at least the night before wanting to use. (In fact anytime you want a dark color it should be mixed hours ahead.) The color will continue to darken over that time. After adding KoolAid, the next day when you look at it it might be all speckled. Never fear! Just stir it up good and it will be fine.

U ladies r soooo very helpful!!! Thanks a bunch one more lil' question...when applying colour do I add it when mixing the fondant or can I use a tooth pick later to add colour when fondant is ready?? Does this go for koolaid too?? can I knead the koolaid into the fondant?? Thanks again!!

I've never added KoolAid to fondant.....just to b'cream. Not exactly sure how it will work w/fondant.
As for applying color it can be done either way......in the liquid/recipe or later as you knead it.

I made a red present cake last week and used Wilton Christmas Red with no problem.

If you want red instantly with no waiting or bitter taste use chefmaster liqua gel colors. It takes very little and the colors are intense. Same goes for black and no need to use chocolate icing. I buy it locally but you can find it online.

I like using Americolor for red and black. It will take quite of bit of color but it doesn't give it a bad taste. Make sure it sits overnight to allow the color to deepen.