Care Stereo: Red/Ignition Yellow/12v wires?

Fanjame

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I am installing a radio in an older car 85 Nissan pickup. I can not find a constant 12v wire (yellow). There is a red wire which i assume is an ignition wire. But both of these wires the yellow and red only see 12v when the key is turned on.

Is it ok if if i connect the red and yellow wire together?
Is having a constant 12v wire to the radio necessary? If i dont will my radio settings always get erased when i turn off the car?
 
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