Not bad, not bad. Needs a border, though. Borders make everything look complete, even if it's just one pixel. To do that, make a new layer over everything, press Ctrl+A to select the whole canvas, and then go to Edit > Stroke, and select "Inside". Make it however think you want.
I'm not sure if it's the brushes you used, but they don't look to be of very good quality. At least the red ones don't. They'd look better blended a bit more as right now they seem to be pasted on instead of brushed. Maybe try turning the blending mode of that red layer to Overlay.
Learn to use the Quick Selection tool; it's one of the most useful tools you can master. I have instructions on how to use it in the Guides thread but it's not that hard once you get used to it.
Overall, though, it's a very nice first attempt. The text works well, the stroke looks nice, and it's a good concept. Better than my first, that's for sure.
Just remember to keep practicing. That's how you improve.
(Man, I totally could have gotten post count for this!
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