Kenan,
Welcome to the dark side of the modellng world. It is like a virus, you never get it off.
Now the painting: For the first attempt i must say it looks better then my first. Some things are said others had to be said. Remember, it is all to help you forward.
I do not know if you paint in acrylic or oils but the basics ar the same.
Once you have done your base color, you got to shade with a darker color or a complementair color. Just ad a minimum to the wrinkle and fade it out to the upper side.
For a highlight made some lighter color of your basecolor ( i recommend not to use wight, but a yellowish color) and tip it on top of the wrink'le.
Now fade it out down into the wrinkle.
If you do it right you have a smooth transition between dark, mid en high tone's with all the transitions between.
for oil painting read this:
http://www.hfmodeling.com/modules.php?op=m...ticle&artid=410
I look for the link to the instruction from Vallejo paints. Very informative about how to paint with acrylic. not exactly what i looked for but i found a very informative tutorial from PF member Stephen Malia.
http://www.elgrecominiatures.co.uk/
But you are on the right track, keep painting and i'm hoping to see your second figure very soon.
Marc