You no longer need to make the links yourself. You should just be able to type the link and the editor will make a link for you.
If you would like to make a pretty link where the underlined bit is a word, then...
1. type the word
2. highlight the word
3. click the little "link" icon on the toolbar above the editor
4. enter the address there and press "ok".
The link should then appear in your post.
Here's one I just typed in
http://youlookfab.com Here's one where I typed "YouLookFab" first and then added the link using the toolbar:
YouLookFabLet me know if you have any trouble with this.