Use these symbols when typing in your nickname:
Add a ^ and follow that with a number or letter or symbol in front of the text you want to change.
Each number from 0 to 9 is a different color. ^0 = Black, ^1 = Red, ^2 = Green, ^3 = Yellow, ^4 = Blue, ^5 = Light Blue, ^6 = Violet, ^7 = White, ^8 = Orange, ^9 = Grey.
If you want to use a ^ in your name, you need to follow it directly by another ^. i.e. For Wolf^Player, you would have to have Wolf^^Player.