2.Now create a new Layer (Layer 1). Hold CTRL and
click on the type layer you created in step 1 to create a selection of your
text. With "Layer 1" selected on the layers palette, go to Edit-> Fill and
in the pop up use the settings shown in the image below.
3.Do not lose the selection of the text. Switch to
the channels palette, create a new channel and fill the selection with
white. Go to Filter-> Blur-> Gaussian Blur and enter 14. Then again,
Filter-> Blur-> Gaussian Blur and enter 7. And again Filter-> Blur->
Gaussian Blur and enter 4. Last time Filter-> Blur-> Gaussian Blur and enter
2. Deselect (CTRL+D) and go back to the layers palette.
Now, hold CTRL and click on "Layer 1" and then go
to Filter-> Render-> Lighting Effects.

4.Your text should now look similar to the example
below. Now you need to blur this layer to get rid of the jaggies, so go to
Filter-> Blur-> Gaussion Blur and enter 2 for radius.
5.The next
step is to make a curves adjustment. Go to Image-> Adjust-> Curves. Match
the settings as close you can to the picture below. The closer you get the
more realistic the effect will be.

6.You should see
the plastic effect coming along now, though some color adjustment is still
needed. Go to Image-> Adjust-> Hue/Saturation. Match the settings to the
example image below, and don't forget to check the "Colorize" box in the
bottom right corner.

7.Now for a few
more color adjustments. Bring up the Color Balance tool by pressing CTRL+B,
and make sure "Preserve Luminosity" is checked. Enter the following
settings:
Shadows: 0,0,-100
Midtones: 0,0, +93
Highlights: 0,0,-15
Click OK when finished, and it should look
something like the sample below.
