Personally I like to go red to yellow, black to white and red to black.
Or in the case of HK ESCs, black to red, black to black, black to yellow. Or black to black, black to black, black to black IN THAT ORDER.
The colors on brushless systems mean nothing, and only on brushless systems.
This is ONLY on the motor leads. The wires going to the battery STILL have to follow the red/red, black/black rule. That is VERY important.