Nina, You can't apply aperture and shutter speed settings universally. The correct settings vary from aquarium to aquarium and often within an aquarium. I suggested to Timothy that he underexpose that particular shot, in relation to what the camera meter was telling him, because the subject was getting overexposed. The reason it was getting overexposed is that the large dark area in the frame was fooling the camera's light meter. Light meters always deliver an exposure suggestion that will give a middle gray to whatever is being metered. That's why many snow shots always make the snow look gray/muddy. If a snow scene is dominated by snow, you have to overexpose by 1 to 1.5 stops to get white snow.
Camera meters rarely deliver accurate exposures in reef photography because of the lighting extremes and lighting color temperatures. That's why it is recommended that you shoot in manual mode so you can dictate to the camera the exposure you want.
If you're using a DSLR, you can generally feel comfortable setting your ISO at 400. If you're using a point-and-shoot camera, ISO 400 often generates too much noise, so you'll have to use ISO 200.
As for white balance, I urge everyone to learn to shoot in the RAW format (if your camera has that capability) and correct white balance with RAW converter software. It gives you so much more control and accuracy and, ultimately, is much faster. If you choose to or have to use a custom white balance setting, that is set in the aquarium. If you're always shooting the same aquarium, using the same setting all of the time should work most of the time, though the white balance can change depending on where in the aquarium you are shooting. For the most part, you can just use white sand to set the white balance. A piece of white plastic is another way. I'm generally hesitant to put things into a tank and them remove them while shooting for fear I'll cause corals to close up and then have to wait for them to re-open.
Gary