This tutorial explains how to create a nice plastic text. It works a lot better for a biger size text rather than a smaller size.
Don't be scared by the number of steps. They are very simple and you shouldn't have any troubles with this tutorial.
Set foreground color to R: 95; G: 138; B: 255; HEX: 5F8AFF;. Type the text message or just one letter using the Type tool.
Apply Drop Shadow layer effect (Layer > Effects > Drop Shadow) to the text. Set all the values as shown in the picture.
Apply Inner Glow layer effect (Layer > Effects > Inner Glow) to the text. Set all the values as shown in the picture.
Load selection from the text layer. In the main menu select Select > Feather. Set the Radius value to 3 and click OK. Inverse the selection (Ctrl+Shift+I).
Create a new layer. Group² it with the text layer. Fill the selection with black using the Paint Bucket¹ tool. Set its Blending Mode to Soft Light.
Repeat the 5th step but this time set the Radius value to 5. Then, create a new layer. Group² it with the text layer. Fill the selection with black using the Paint Bucket¹ tool. Set its Blending Mode to Soft Light.
Load selection² from the text layer. In the main menu select Select > Modify > Contract. Set the Contract value to 2 and click OK. Create a new channel² and fill the selection with white using the Paint Bucket¹ tool.
Load selection² from the text layer. Shift it down and right 10-20 pixels using the Rectangular Marquee¹ tool. Inverse the selection (Ctrl+Shit+I).
Intersect selection² the active selection with selection from the channel created earlier.
Create a new channel². Fill the result selection with white using the Paint Bucket¹ tool.
This is going to be a light reflecting in the plastic.
Apply Gaussian Blur filter (Filter > Blur > Gussian Blur). Set the Radius value to 4.0 and click OK.
In the main menu select Image > Adjust > Levels. Set the values as shown in the picture and click OK.
You might need to adjust Input Level variables to get a nice and smooth reflection.
Load selection² from the reflection channel. Create a new layer. Group² it with the other text layers. Fill the selection with white using the Paint Bucket¹ tool.
Load selection² from the text layer. Shift it up 8-15 pixels using the Rectangular Marquee¹. Inverse the selection (Ctrl+Shift+I).
Create a new layer. Group² it with other text layers. Fill the selection with white using the Paint Bucket¹ tool. Set layers Opacity to 50%.
Done!