Basic Typing & Text Effects
Go to File>New to make a new image, follow the options below:
Now you have a new image. Select  the type tool, which can be found in the toolbar. Then type some letters on the image:
Click OK!
To apply some effects to your image, you can go to Layer>Effects> then you can see many effects like :

Drop Shadow                  Inner Shadow
Outer Glow                      Inner Glow
Bevel and Emboss        Color Fill
Drop Shadow
You can change the color of the shadow, distance, angle...
Inner Shadow
You can change the color of the inner shadow, distance, angle...
Outer Glow
You can use a white background, then change the outer glow color to black.
Inner Glow
You can use a black background, then change the inner glow color to white.
Bevel and Emboss
Good for making 3D letters or image.