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First strike
This creature enters with four -1/-1 counters on it.
Whenever you cast a red spell, remove a -1/-1 counter from this creature.
Whenever you cast a white spell, remove a -1/-1 counter from this creature.
If there are no -1/-1 counters on it when the triggered ability resolves, the ability does nothing. There is no penalty for not being able to remove a counter.
If you cast a spell that's both of the listed colors, both abilities will trigger. You'll remove a total of two -1/-1 counters from the Hatchling.
