This is a submission that I did for Pixish. They are, in their own words: "...a place where people who want images and people who make images can easily find each other and collaborate on creative projects together." Cool huh? Anyway, just for contemplation, I posted the same picture below, minus highlights and color adjustments.
Bleh! So dull! But this is how I originally colored it. I first do the midtones, then the shadows, and then the highlights. (this is before the highlights) And THEN after everything is done, I flatten the image so that the whole figure is on one layer, and play around with color adjustments. These settings can be found under the "image -> adjustments" file menu.
To get the image looking like it does at the very top, I increased saturation and contrast, and played around with "color balance", mostly adding more green to the picture, as well as a bit more red. And voila! (^_^)
(First inked on paper, then colored in photoshop. 2008)