Changing the style of the post's body text and other font issues.

**I'm sorry if this appears twice. I posted it some time back before the forum went to a new server and on checking, I was unable to find it**

I would like to be able to control the formatting of the text that appears in the Post's body.

I can change it's color via the Body Box field under the Post/Page Styling tab but I can't control the space after each paragraph.

By adding the following in the CSS inserts, I have been able to control the heads in my blog. For example, for Head 3 I have the following:

h3 {
font-family: Arial, Helvetica, Sans-Serif;
font-size: 25px;
font-style: italic;
font-weight: normal;
text-align: left;
margin-top: 25px;
margin-bottom: -4px;
line-height: 100%;
color: #0066cc;
}

I inspected the element in the browser and it shows that its div class="post-bodycopy clearfix" so I thought I would add the following to the CSS inserts:

p.post-bodycopy clearfix {
font-family: Times New Roman", Georgia, Times, Serif;
color: #680311;
font-size: 16px;
line-height: 125%;
margin-bottom: 24px;
}

I exaggerated the margin-bottom value to see if it works but I can't seem to control the space below each paragraph.

Where should I enter the 'styles' so that I have full control of the text that appears in the posts?

Also, when I am in the editor, I select a word and change its color to red, for example. But this change of colour does not appear in the post. What am I doing that's wrong?

Thanking you in anticipation.