Create a new document about 175 pixels x 50 pixels---large enough to have a nice sized working area for one button. Add a new layer. Change your foreground color to black.

Use the Rounded Rectangle Tool and set the feather radius to "4." Draw a black rectangle around 150 x 50.

With your button layer selected, go to Style > Drop Shadow with the above settings, Blend Mode > Multiply, Opacity, 35%, Distance > 0, Spread > 0, Size >5.

Go to Style > Gradient Overlay with the above settings. Double click on the gradient bar to change the color stops. At the far left bottom stop, double click and change the color to #ffffff. Double click anywhere at the bottom of the gradient bar and add another stop. Move it almost to the right side bottom stop, double click and change the color to #cfcfcf. At the far right bottom stop, change the color to #ffffff.

Layer Style > Stroke is next. Change the default color to #8b8b8b. Size at 1, Blend Mode > Normal, Position > Outside.

The web button with the gradient and stroke applied. Looking better all the time...wait, there is more.

Use the pencil tool to draw a line from the near top of the button to the bottom. Lower the opacity of this layer to 50%.

Now is the time to add the text. Use the above settings. It makes for better button text (isn't that what we all want?) if the anti-alias is set to smooth.

After the text is added, we'll finish it off with a arrow to the left of the text. Use the polygon tool, set the sides to 3 in the Options Bar and use it to add the navigation button.