01. Open the picture, enter the text, choose your favorite font.
02. Hold down the CTRL key and click on the thumbnail of the type layer to load the text into the selection. As shown in the following figure.
03. Perform the Select-Save as Selection command, store the selection as a new channel, and name it "watermark," as shown in the following illustration.
04. Perform the "Select-deselect" command, and then delete the type layer. Enter the channel palette, add a watermark copy (drag the watermark to the diagram position to add a copy) to the watermark copy with keyboard keys to adjust, hold down the CTRL key ↓ two times, → two times.
05. Go back to the Layer palette and create a new layer. Executes the select-Load Selection command, and the channel selects Watermark.
06. Perform the Select-Load Selection command, select Watermark Copy, and then subtract from selection.
07. Perform the edit-fill command to fill the selection with white.
08. Execute "SELECT-Load Selection" command, Channel select "Watermark Copy". Perform the Select-Load Selection command, select Watermark, and then subtract from selection.
09. Perform the edit-fill command, fill the selection with black, and change the opacity of the layer.
The final effect is shown in the following figure