Creat a Bubble Text

Step 1: Create a new 800x800 pixels document. In fact, size is not a matter, just make sure it fit your text. Set your foreground to pink (#fc00ff) and your background to black

Step 2: Use the Horizontal Type Tool(T) to type anything you like

Step 3: Now holding down Ctrl button and left click on the "small" layer to select your text

Step 4: Go to Filter > Artistic > Sponge and use these settings:

Step 5: Go to Filter > Stylize > Glowing Edges and use the default settings

Step 6: Go to Select > Invert (or press Ctrl-I) to invert your text

Step 7: Go to Filter > Sketch > Plaster and use these settings

After this step, we get:

Step 8: Now we just need to apply some effects on our text. Double click your text layer to open up the Layer Style dialog box and use these settings:

+ Drop Shadow:

+ Bevel and Emboss:

+ Stroke:

Finished! Here is the final result: