FONT EFFECTS: OVERLAY NOT WORKING RIGHT

OK, this question kind of goes with this post:

http://rpgmaker.net/forums/topics/8591/

I took the advice of everyone there and figured I would put my Photoshopping fears behind me and actually try to make a nifty title myself. Here is what I have so far (the image is too large, so the link is below):

http://rpgmaker.net/media/content/users/4763/locker/MyTitleTest_001.png

My problem that I'm stuck at so far is the overlaying for the font; I'm following a tutorial, but the guy that made the tutorial did a relatively bad job of explaining it. He assumes that everyone reading it already understands how to fully use Photoshop, he didn't think about the n00bs using it, so its really confusing. Can someone explain how to get just the font to be effected by an overlay layer? Every time I add one it effects the entire image and I can't figure out what I'm doing wrong.

Hmm... Interresting suggestion. What does he mean by this then when he tells you to make the font???? >.< So sorry, but confused as ever about this...

"Now we add our text. I’ve used a font called Cuez_Ver6 which looks suitably strange."
"First I’ve given the text a Color Overlay of straight black (#000000). Then because the basis of this text effect is a creepy light, I added inner glows. First an Inner Glow as shown below, and then an Inner Shadow with color #54a4ff, blend mode Screen, distance 1, size 2, angle -90′, and everything else default. "

author=alterego
He's talking about blending options, I believe. Right click on a layer, then the second choice. A new window will pop up, full of Photoshop magic.

In Photoshop, yes; in Photoshop Elements, no. Elements does not have everything that the original Photoshop versions have - or at least, their not accessed the same way and therefore making the option difficult to find. I know what window your talking about, they no longer have it in a little window, instead in Elements they are pre-designated settings to the specific options for the Layer Styles in a drop-down selection window; so, you kind of have to guess what your wanting before you use it or just Undo after using it.
When I right click on layers, I get "Rename Layer" and "Select Layer Transparency"; it really stinks, because it messes me up on every single tutorial I try to use. :/

author=SorceressKyrsty
did you try double clicking the layer?

Yeah, it just selects the layer itself... :/
See the headache I've had to put up with? -.-
Would purchase the real Photoshop, but my paycheck hates me these days...

How does this look guys for my first ever text effect thing-y?



I have no clue how those two white stripes of blur got into the image, can't remember what I did that caused those to show up. :/ But, other than those, what you think?