For a much lighter effect, you can mix a small amount of soft pastel with baby powder and apply it with cotton balls. This technique is usually used for gradient backgrounds. Lastly, enjoy your work! You can keep it in your portfolio folder or hang it on your wall. There are still a lot of ways to use coloring materials in order to give life to your drawings. Just don't be afraid to explore.
Whilst most colored pencils are wax based, some brands use an oil based lead, like Faber Castell's Polychromos. These pencils are very soft to apply color so will cover every fibre of the paper with their bright hues, but they are also very expensive and should only be considered if you are looking to take your art to the highest level.