This picture was created for Vel123 as step-by-step tutorial of recreating of his own pic from scratch.

Contour
The further arm must be shorter due to perspective.

Color
the first step is to fill contour with base color.

Shadows
then we put some lighted spaces on the char

Outlines
Then we use our outline colors to antialize some contours. At this step i realized that i have not outline color for blue color, so i've added it to palette.

Finalization
I also added separate color for hair light.
We are making outlines at lighted side lighter.

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Palette creation

Style reference