Cindy, I see two things in that screenshot:
– the outline of the text is not really on your photo, so you won’t cut out correctly. You can fix that in moving the selection downward, with the Move tool, while right-clicking on the selection and dragging it down
– the promoted selection is already done correctly. That is on the highlighted layer (but the image will not cover the whole text because of the point above). The reason you don’t “see” the result is because the layer below is visible and shows all. Hide that bottom layer and you will see your promoted layer correctly. So, you did the work exactly as you should!