First is the paper- You will need to get some watercolor paper. This paper is specifically made for watercolor and is thicker than your average paper. It is labeled in pounds (paper is made in rolls and cut into sheets, so if it says 180lb, it was 180lbs when in a roll) and the heavier the number, the thicker the paper. You will also see the labels hot/cold press. Cold press has much more texture to the paper and soaks up water faster while hot press is smoother.
Next is stretching your paper- You will have noticed by now that paper get crinkly when wet. In order to avoid this you can do two things. A- use a very, very heavy paper. or B- stretch your paper. Stretching basically pre-wets your paper and keeps it flat, so when you go to paint on it, it has already moved to where it will be. You will soak the paper until it is saturated, place it on a board, gently get rid of a wrinkles or air pockets and then tape it down. You can use butcher's tape (looks like butcher's paper but has stamp glue on the back. When you get it wet it gets sticky) or masking tape. Masking tape it iffy sometimes because it doesn't stick to wet paper. It does come off the paper unlike butcher's tape however. If you use butcher's take you have to cut if off the board.
On a side note, I have a watercolor paper pad which I love- No stretching! It's a bunch of watercolor paper that has been pre-stretched and glued into a big block. When you're done with a page, you cut it off and voila- a new page pre-stretched.
The Paints- You can get watercolors in tubes (wet) or in pans (dry). I know lots of people prefer the tubes because of more vibrant color, but I personally don't mind either. When the paint dries from the tube you can just add some water to it and it's good again. I wouldn't suggest getting the best quality (and most expensive!!!!!) paints until you know what you're doing a bit more.
Last is the fun part: Painting- I would suggest getting a good watercolor book out from the library or buy one. A lot of watercolor painting books lean towards the "How To" angle. Eg- this is the way to paint a rock/tree/water/cloud. As long as you don't take those as rules you can learn some pretty interesting techniques. I'm attaching some basic links on techniques- eg wet in wet (as Icecold mentioned), wet on dry, dry brushing, etc. I've been taught to start with the darkest areas and build them up using layers. The lightest areas will have the least number of layers.
Links:
Watercolor Techniques
How the techniques are used
So, there's a short overview. Hope it helps.
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