The Legend window will show you the colors used in the logarea.
All messages sent and received are logged in a special field. By using special colors you can see what type of text is showed. Text received from a server (inbound) is shown in black, text sent to a server (outbound) is shown in green. Status messages received from the socket (like connecting info) can be seen in blue text. When there is an error it will show up red.
To see the Legend window press F9 or select from the menu Sockets the item Legend.