In this tutorial we'll learn to create a cool reflection of some text.
Open a new document of 500 x 150 px with white background and type there some some text (it will be put by default in a new layer).

Now right click on the layer and select Rasterize Layer (it means that from now on the text will be seen only as pixels and you won't be able to edit it anymore).
Right click on it again and selct Duplicate Layer: when asked to choose a name for the new layer name it "reflection".
Now click on the just created layer and do Edit>Transform>Flip Vertical (or press CTRL + T and right click in the selection box, choose Flip Vertica and press Ente. The box around the selection will disappear and the modification will be applied.)

Yous should have something similar now:

Now, always on the reflection layer, pick the move tool, then, press the Down arrow on your keyboard several times until you have it just 1 or 2 pixel far from the upper text.

Now we'll make the reflection effect.
Click on the reflection layer then press CTRL+T again as before; now click in the box and select Perspective and drag one of the bottom corners towards the outside of the canvas (I dragged the righe bottom one towards right).

Now do Layer>Add Layer Mask>Reveal All. You'll notice that a little white box appairs in the layers palette, beside the reflection layer.

Now select the gradient tool and make a gradient from white to black like this:

drag the gradient from top to bottom (in the reflected text area):

Now set the layer opacity to 50% and you have finished.