Cool Text Effect

Start by typing your text with a bold font.

Right click the layer in layer window and select rasterize type.

Ctrl+Click the layer thumbnail to get the selection.

From select menu apply modify>>contract. Contract the selection by 3 pixels.

Press delete.

From select menu apply modify>>contract. Contract the selection again by 3 pixels. Fill it with black color.

Repeat the above steps.

Double click the layer to open layer style window. Apply layer style with the settings shown.

Duplicate the layer. Double click the layer to open layer style window. Click on the styles tab on top left (shown in blue color) and select Black 2pt filled style from the default styles presets.