In this Photoshop tutorial you'll learn how to create reflected text. Reflected textcan add a unique and classy effect to your graphic designs. You have probably seen it all over the web, but never really knew how to do it. This is a lot easier than it looks and you will love how elegant it can make your websites or designs appear.
First, you want to open a new document in Photoshop. You will want to choose the 640×480 preset option in the New dialog box. Now you want to select the Text tool in the toolbox. It is the "T" icon and will type horizontally, which is what you need to have a reflection that goes below the text.
Now, let's choose a color for your text. Click on the Swatches tab on the Color palette. If you don't see it, press the F6 key and it will show the swatches palette and hide the colors. Click on the RGB Red in the top left hand corner with the eyedropper. You can select any color that you wish though. You have your text tool and your color, now you need a font. You can choose your font from the text options bar at the top of your screen. For a really elegant effect, choose a font such as Trajan and set it to 72 points. Type a word in your new document. It should be large and the color that you chose. Type in all caps to prevent any reflection problem later.
Now you are going to duplicate your type layer. Select the text layer in the layers palette and press Ctrl+J. This will create a copy layer. Now you have two text layers, you can use one of them to create your reflection. The reflection is an upside down version of your original layer, so you need to flip it upside down. You will flip the original text layer, so you need to select it and then go to Edit at the top of your screen and then select Transform. A sub menu will pop up and you will click Flip Vertical. The original text layer will flip upside down.
Drag the layer below the unflipped layer. You will want to drag it until it is touching the bottom of the unflipped layer. Now that you have your flipped text below the unflipped text, you are going to create a fade and this can be done by using a Layer Mask. At the bottom of your Layers palette you will see a little box with a circle in it. Click on this to add a layer mask. A layer mask is automatically filled with white. To make it appear as though our text is fading away, you are going to select the Gradient tool. On the Options Bar you will choose the black and white gradient. Ensure that your layer mask is selected and not the layer. With it selected, drag out a gradient vertically. When you release your mouse, Photoshop will apply the gradient. And your text will be faded. You will only want to draw the gradient about halfway between the top and bottom of your two rows of text. You can hold the Shift key as you make the gradient line to ensure that the gradient stays perfect straight. Once this is complete you have perfectly reflected text.
Source Make Fast Money Online