こんにちは Kon’nichiwa
I’m pretty sure the answer to this is ‘no’ - but here goes.
Is there any way that I can change a word within a folder or text name in binder to a different colour?
I.E. JOE robs the bank. Where JOE is red.
ありがとうございました
Arigatōgozaimashita
You’re right, the answer is no. I use colour a lot but the Binder is a place it can’t be used in text.
OTOH, there’s an option to use label colours in the Binder, either as bullets or as backgrounds. You can display label colours in the document icons throughout the interface as well. (You’ve probably already looked at this and decided it doesn’t meet your needs, but in case you hadn’t… 
)
Sorry to be the bearer of bad news.
Labels and binder icons are definitely the usual route for this, but if you’re already using them for another purpose and need another way to add some eye-catching color, you could try adding emoji to the title text. Maybe use a red square next to “Joe” or use the red square in place of “Joe”. If you’re going to use the binder titles in compile, you may need to play around a bit to see how this will work for different formats, or set up compile replacements to use a word in place of the emoji or strip the emoji out entirely. You’ll also want to be careful with this if you’re sharing a project between platforms, since the emoji will not be the same on Mac, iOS and Windows.
Thanks for the responses.
I have already created a bunch of custom icons that do a good job defining and separating various components.
I really don’t understand why the option of changing text colours has been eliminated from the binder and for that matter the index cards.