1) Make a new document. Now press "D" on your keyboard to reset the foreground and background colors to black and white. Make sure your background is WHITE.
2) Select the TYPE tool and type in the word. I used Arial as my font and bumped the size up. Also added bold and strong.
3) Apply all these blending modes to your text layer:
4) Duplicate the text layer. Now all we got to do is change the Color Overlay blending option to a grey type of color:
5) Now
we want to use the Elliptical Marque Tool to make the selection of
dots. Hold shift to make multiple selections. Make enough dots. For
example:
After making the selections right click the layer and go to Rasterize.
Once the Layer is Rasterized you can now press DELETE.
Also note I added a Drop Shadow to the Orange Text Layer.
More Tutorials: 
