1) Make a new document. Set the background color to whatever you want. I used WHITE.
2) Select the Type Tool and set your font anf font size. I used:

3) Right click the text layer and set these blending options:

2) Select the Type Tool and set your font anf font size. I used:

3) Right click the text layer and set these blending options:



There ya go, pretty basic/easy text effect.

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