You can set up two different specs and swap between them freely. (You can purchase a third spec setup with Mithril Coins.) So try them both to see which fits you better.
Assuming you're not doing a lot of dungeons or other group content where you have a tank to keep the monsters off you, it is very likely that you might prefer to go Blue/Huntsman. Blue line has two very large advantages for questing content and whenever you're solo and need to run around during a fight: 1- Blue does not lose Focus while moving. 2- Blue can use induction shots (induction is "casting time") while moving. In Red/Bowmaster, if you move you lose Focus and you can't move while using an induction shot. (There is a trait in the Red line which will allow you to move without losing Focus very briefly after performing a specific melee attack, and the final bonus class trait in Yellow/Trapper removes the Focus loss due to movement entirely – but Yellow still can't use induction shots while moving.)
Red has many advantages of its own, of course. If you are able to mostly stand still it generally does more damage than Blue.
All Hunters get the skill Blood Arrow at Level 20. Blue Hunters also get Press Onward which is a substantial heal, and Strength of the Earth which can heal a little if traited but only very, very little – it's mainly for Focus and a small amount of Power, the Morale regen is truly tiny. If you find yourself taking a lot of hits then Press Onward can help and maybe it will make you feel less likely to die as you're playing; if so, you need to be Blue spec to get it. Much, much later when you are high level and have a lot of Trait Points you will be able to get Press Onward in the Blue tree even if you are specced Red or Yellow, if you want it.
You can see what other people are doing with their Hunters at this website. Go to TRAIT TREE PLANNER and then click on COMMUNITY BUILDS. Almost all of these builds are for max-level Hunters but they will give you an idea as to how people use their Class Trait Points.
https://ilovefriedorc.com
Have fun with LOTRO!