No. You should always ride with a white light facing forward and a red light facing backwards. If you want additional illumination, you can add multiple white/red lights in the appropriate direction. Amber/yellow lights can be used facing any direction for additional visibility.
The first reason is that it's the law:
(a) Every bicycle when in use during the period from one-half hour after sunset to one-half hour before sunrise shall be equipped with a lamp on the front which shall emit a white light visible during hours of darkness from a distance of at least five hundred feet to the front and with a red or amber light visible to the rear for three hundred feet. Effective July first, nineteen hundred seventy-six, at least one of these lights shall be visible for two hundred feet from each side.
More importantly for your safety though, the color of a light conveys a certain meaning. Drivers, pedestrians, and other cyclists associate the color red with a taillight and the color white with a headlight. If you put the wrong color facing the wrong direction, people may think you are traveling the opposite direction. Imagine a car is pulling out of a driveway and sees a red bike light flashing to their left. They may assume that means a bike is moving away from them on the left. If they then pull out of the driveway and you're really moving towards them, you could get hit.