1. Open a new transparent image 200 x 80

2. With white as your background colour and your foreground colour set to null, click your text tool with the following settings. You can get the eBook of this tutorial and the font used here

3. Type in your text --- if you want to add a copyright sign to your watermark, hold down your alt button and type 0169. When you let go of the alt button your text will look like this ©

4. While your text is still selected, go to effects>artistic effects>chrome and apply the following settings

5. Add the following bevel

Believe it or not, that's it! You can add either a brush or shape to add a little something to you watermark if you want, but you will have to follow the steps above :)

Either save as a psp file, or export as a tube ... when you want to apply to an image paste as a new layer and then go to your layer palette and change your blend mode to soft light :)