Question: 1. Change Version Control Directory 2. <Projekt>

Hello everybody, 

I'm quiet new to coding and of course Intellij IDEA, and GitHub.

What I'm trying to change is the Project on the left side of the screenshot and its path. I want to use the F:\java\Git\ directory a main-folder for all files I want to share.

So I went to Settings -> Version Control, kicked the "newStuff" directory and changed it to F:\java\Git\, but now the directory is red and I don't know why. Also the path from the picture above is still the same.

As an additional question: What is the <Project> you see on the screenshot too?

I already tried to gooole "Version Control directory is red" but this only brought me to an explanation about what the colors in general mean in IDEA.

Cheers

Lynx42