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Creating titles is fairly easy. The title, once created, will exist as a
separate file that will not become part of your movie until you add it to the
timeline. The same title file can be used in several movies, if you wish.
We'll add a title to the beginning of our movie and rolling credits to the
end...
Choose File>New>Title. Notice that, in addition to the title window, a new
'Title' menu has appeared. It's a good idea to save the file immediately
into the the folder that you have created for this project so choose File>Save As,
navigate to your folder, specify a filename, and then click Save.
The title window should look
something like this, though your colors will be different:

Most of the icons are self-explanatory, as shown above. Dashed rectangles
are present to help you place your title, not too close to the edges (TVs do
not show the extreme edges of movies).
Use the 'title' menu to set these properties:
 | Font: Arial, regular, size 16 |
 | Justify: Center |
 | Shadow: Soft |
Click the object color button and choose a color for the text. Bear in
mind the colors in the clip that you will be applying the title too - dark
colors will be hard to read against a background image that is also dark, for
example. It's easy to apply a gradient to the color if you want- just
change either the gradient start color or the gradient end color.
If you have chosen to use a gradient then use the gradient direction
window to set their direction. Change the transparency settings if you
like.
Set up the shadow colors, gradient direction and transparencies in the
same way. Set the position of the shadow using the shadow position panel
- if you don't want a shadow then put it directly under the letter.
Now select the type tool and click just inside the inner rectangle,
close to the top and horizontally centered. Type your title...

For the title above, I wanted to use different colors, so I created the first
line and then used the type tool again, with different settings, to make the
blue text. I used the line tool, with line width set to 7, to create the line (I
held down the Shift key while using the tool to make sure the line was
horizontal). For the text I set the opacity to be 100%, while for the shadows I
set the opacity to be about 40% (i.e. 60% transparent).
Once you've finished creating the title, save it one more time with Ctrl-S
and then close the Title Window. Add the title file to your project and then
drag it from the project window into the start of the Video 2 track of
the timeline. With the title selected in the timeline, use the selection tool to
extend the title until it has the desired duration e.g. 4 seconds for the above
6 word title. Don't be tempted to squeeze too many words into a title, or to use
a text size that is too small - it's better to use several title screens one
after another rather than displaying too much text at once.
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