Solved How I color correct Film transfers (simplified)

A very comprehensive tutorial on this site deals with : "How to use Color Correction Tools in Sony Vegas Pro". This is very informative but for some people it might be a bit of "information overload"
I have been using a simplified work method to speed up my work flow and to make things a bit easier. There are many ways of doing color corrections sometimes none give a perfect result - especially when working with old movies.

SETTING THINGS UP: Make sure you have Video Scopes displayed on your edit screen. There is a combination of Vector Scope and Waveform display - use this. For ease of viewing activate the TV button (above the preview screen) so that you will get a bigger display to see what is happening when you are making adjustments. This assumes that you have a second monitor.
Open up your video clip on the timeline right-click to open up Video Event FX. From the list that opens up select SONY COLOR CORRECTOR. Click on "custom"
The features we will discuss are in this window.

SETTING THE EXPOSURE - Click on the Offset slider and move this so that the pixels in the Waveform window rest on 0 (zero). Next click on Gain and slide this to go up to a maximum of 100. This does not always go up that high! Your monitor will show you how things are looking.
Look at your display - is the contrast ok? If not, try the slider in Gamma. Most likely you will need to set Offset again.....

COLOR CORRECTION - Set the Vectorscope on "Magnified". On the High color wheel click on the small circle at the centre and drag this so that the majority of pixels fall within the innermost circle. Repeat this procedure for the remaining color wheels. By now, you should be close to the ideal color balance. You could fine-tune things by using the eye droppers.

CONCLUSION - As you gain more experience and confidence you could move into the more advanced areas as per the Movie Studio Zen Tutorial.......