Step 4: Rasterize Your Text

We're going to be applying several filters to our text, but Photoshop doesn't allow us to do that without first rasterizing it, which simply means to convert it into pixels. So again with the text layer selected, go up to the Layer menu at the top of the screen, choose Rasterize, and then choose Type. This will convert our text into pixels. It will still look the same in the document window, but in the Layers palette, the Type layer will now be a regular layer:

Step 5: Add A Selection Around Your Text And Save It

Ctrl-click (Win) / Command-click (Mac) directly on the thumbnail preview area of the text layer in the Layers palette to quickly load a selection around your text:

Your text will now have a selection around it:

With the text selected, go up to the Select menu at the top of the screen and choose Save Selection. When the Save Selection dialog box appears, just click OK. There's no need to name it or make any changes to the options.

Once you've saved your selection, press Ctrl+D (Win) / Command+D (Mac) to deselect your text.

Switch over to your Channels palette for a moment (it's grouped in beside the Layers palette) and you'll see your selection saved as a new channel named "Alpha 1" at the very bottom. We'll be coming back here a bit later to load our selection again: