Building a New Action
Building an action is almost as simple as clicking the record button on a tape recorder. Actions are simply a series of program instructions. When you build an action, you're instructing Photoshop what to name the file, where to store it, and what functions keys, if any, will be used to activate the action. Since an action is simply a record of the work performed on an image, it's a good idea to plan out what you intend to do, and then build the action. Remember actions are tasks you plan to do repeatedly. It wouldn't make sense to create an action for a one-time use.

Build a New Action
Open a document.
Select the Actions palette.
Click the Create New Action button.
Enter a name for the action in the Name box.
Click the Set list arrow, and then select what set to save the Action.
Click the Function Key list arrow, and then click F1 - F12 to assign your new action to a function key.
Select the Shift or Command check boxes to require the pressing of the Shift key, or the Ctrl (Win) or
(Mac) key in conjunction with the function key.For example, F1, or Shift+F1, or Ctrl+F1, or Shift+Ctrl+F1.
Click the Color list arrow, and then select from the available colors.
Click Record to begin creating the action.IMPORTANT
If you choose a color for the action, they will only be available if the actions are viewed in Button Mode.