Step 1: Create your text and set the following styles onto the text.
The gradient is shown below:
Done? This is what your image should look like.
Step 2: Creating the inner text
Now we need to create the inner text
Once you have your text, hold down CTRL and click your LEFT mouse button (aka CTRL+Click). This will select your text, as shown below.
Now go to Select>Modify>Contract. Set the value to 4px then press OK. (depending on the size of text you use this value may vary)
You should end up with something like this:
Now we need to create another layer above your text.
Set your foreground color to #D01A1A and fill the selected text. You should have something like this:
Step 3: Finishing Touches!
Now for the finishing touches. On your red text layer set the following properties.
Then your text should look like this:
Now we add a shine.
CTRL+CLICK your red layer, then go to Select>Modify>Contract - Set the value to 1px
Create a new layer then fill it with white so it looks like this:
Set the opacity on this layer to 10% then use your Rectangular Marquee Tool to make a selection through the layer and press delete.
Your finished text should look something like this.







More Photoshop: