The Cool text effect
1
Start a new file (in this example 350x350 pixels) and enter a text (the font used in this example is: Times New Roman).
2
Add a "Drop shadow" effect to the layer with these settings (right click on the layer in the layers-view and choose "Blending options...", if you can't find the layer-view, press F7 and it should appear, or disappear):
3
Add an "Inner glow" effect to the layer with these settings:
4
Add a "Bevel and Emboss" effect to the layer with these settings:
5
Add a "Gradient overlay" effect to the layer with these settings:
7
The result:
