If you’ve lost the red box then you’ve edited the wrong piece of code. You only need to edit the text ‘read more’ on line 60 of the rf_featured_content_widget.php, the code surrounding it needs to stay as it is. Just change the bold text in the example below.
Line 60 is:
<a href="<?php echo $url; ?>" title="<?php echo $title; ?>" rel="bookmark"><?php _e( '<strong>Read more</strong>', $theme_name ); ?></a>
I’ve explained in one of the threads above on this page how to edit the home text by changing the label in appearance>menu.