Do the Rainbow Kick Soccer Trick

This trick can look very cool when done correctly. It is also a great way to show off and beat a defender at the same time.

Steps

Figure out which foot works best for you. One foot is going to be in the front. Some people prefer their dominant foot in front while others prefer their non-dominant foot. The best thing to do is experiment with both and see which one works better for you.
Try doing it standing still. Most people find this way easier at first and like to try it moving when they get better. Put one foot (whichever one you prefer) in front of the ball so that the ball is at your heel.
Put your other foot sideways behind the ball so that the ball is now between the heel of one foot and the inside of your other foot. It is often best on your back foot to use the inside, but closer to your heel than your toe.
Lean forward. With your back leg you should try to roll the ball up your front leg.
The ball is now up a little on your front leg and you want to kick the ball up with your back leg. Your lean is important here. It should create the forward momentum needed to bring the ball over your head. If you are not leaning forward the ball will go up or behind you.
After you get the hang of that try doing the same thing, but with the ball moving. Some people do find it easier this way, especially after they get it once. Make sure you get your feet set before you start doing the move. You need the ball securely between your feet.

If you are having trouble getting the ball up your leg, try rolling the ball up and down your front leg before putting the rest into it. After you get the roll down it becomes a lot easier.
Practice makes perfect.
Make sure you can do it really well before trying it on a real defender. Get a friend to practice with you and take turns running at each other and doing the move.

Do not try doing this in a game until you have practiced a lot and have gotten really good at it. If you do it in a game and it works then that is great, but if it doesn't you can end up looking silly.
This is a hard move and you can get frustrated. Just remember not to give up and to keep on trying. You will get it at some point!