I have installed CKEditor correctly and still get the error:
The CKEditor component is not installed correctly. Please go to the CKEditor homepage in order to download the latest version. After that you must extract the files to the sites/all/modules/ckeditor/ckeditor or sites/all/libraries/ckeditor directory and make sure that the sites/all/modules/ckeditor/ckeditor/ckeditor.js or sites/all/libraries/ckeditor/ckeditor.js file exists. Refer to the README.txt file for more information.
I have downloaded and re-downloaded CKEditor several times. Everything is there but still getting error.
I am also confused about exactly what to put in the CKEditor global profile.