This effect is much simpler and just relies on having two versions of the text, one styled and one not. I've used Futura as my typeface here. I believe I saw this effect on a movie poster once so I've used red the way they did, but it works just as well with other colors and combinations.
All there is to do is apply two bits of layer styling:
- Add a 1px Outer Stroke using a gradient instead of a color. I've used one of Photoshop's metallic gradients (see the thin metal style further down for more details). It gives the edges a shiny quality that's nice.
- Then we add a black to white Gradient Overlay to the text set to Overlay and 50%. This means when you change the text color it automatically adjusts so it has a nice bit of shading over the top.