If you follow the Teachings of Buddha Shakyamuni, the day of July 15 is a great possibility for you to practice. In fact, on this day Buddha began to teach his disciples, and this first Teachings about the 4 Noble Truths are called the First Wheel of Dharma. So, "to turn the first wheel of Dharma" meens "to teach the 4 Noble Truths".To teach is the most powerful action among all the possibilities of Buddha because it creates the seeds for next liberation of the person and it's the most efficient action to help the suffering beings to emmerge from their condition.
All the practices and actions to accumulate merits are good this day and the purification practices too (Vajrasattva mantra on the sidebar of this blog). But normally they read texts about thw 12 actions of Buddha.
Read more
http://www.lamayeshe.com/index.php?sect=article&id=423&chid=746
http://en.wikipedia.org/wiki/Dharmacakra
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