The layer's parameters:
(Opacity 54%), Fill 0%
Blending Options>Stroke (mentioned earlier).

The layer's parameters:
Fill 0%
Blending Options>Stroke (used earlier).

The layer's parameters:
Fill 0%
Blending Options>Stroke (applied earlier).

Next merge down in a group all the layers containing the word
GLOWING (press
CTRL button,
hold on the left mouse's button while moving the marked layers on
Create a new group option). Also we need to include in this group the
previous one.
Transform the new group into a rasterized layer and press
CTRL+E.
Let's apply the next parameters for the rasterized layer:
Blending Options>Outer Glow.

Create a new layer and choose here a standard brush to paint the bottom half of the word
GLOWING. The brush has the color
#3CFFFF (
Opacity 40%).

On the layer containing the brush we'll apply the next parameters:
Blending mode-Soft Light.

Create a new layer and select the same standard brush to use it on the middle part of the word. The color in this case is
#F03BA7 (
Opacity 30%).

The layer's parameters:
Fill 0%
Blending mode-Hard Mix.

Create a new layer and select again the standard brush to paint the top half of the word. This time we'll select the color
#FFFF64 (Opacity
30%).

The layer's parameters:
Blending mode-Saturation.

Merge down in a group all those three layers processed with the brush (press
CTRL button
while marking the necessary layers and hold on the left mouse's button
to move the marked layers on Create a new group option).
Make a copy of the new group (press the left mouse's button and move down the group on
Create a new Layer option).
Apply different parameters for the layers containing the brush:
The parameters for the layer of blue color:
Fill 51%
Blending mode-Color.

The parameters for the layer containing the red color:
Fill 0%
Blending mode-Vivid Light.

The parameters for the layer containing the yellow color:
Fill 62%
Blending mode-Multiply.

Finished!
View full size:
Glowing Text Effects
Download free PSD:
Glowing Text Effects PSD.
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