Questions for Photoshop gurus

[d1abolic]

Alright, here's a question for all you Photoshop gurus. How do i apply layer transparency as i would a gradient pattern? Do you know what i mean? Say i have a word. I want the first letters to be fully visible, and i want it to ever so smoothly go down to nearly invisible letters in the end. I hope this makes sense.

 

[Modeps]

You have to use a layer mask

-first, select the layer that the text is on then click the little box at the bottom of the layers window that looks like a box with a dotted circle inside it.
-grab your gradient tool, and gradient away... black is clear, white is solid.