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"Creating a bullet list in Photoshop, is such a thing even possible?" you ask. Well, you can use a workaround to get a bullet list that's going to look plausible. It's not really a feature and if you're doing a lot of this sort of work, you are in the wrong place. You want to be in InDesign or Illustrator to create bullet-listed text. But that said, it is possible here, and here's how we do it. So here's my final result. I'm now going to turn off that layer, and I'm going to turn on the begin layer.
So what we need to do is zoom in on this, and then I'm going to select these paragraphs. And before I do anything, I'm going to draw myself a guide to mark where the vertical stem of the first character begins. And I must have a guides turned off, so I'm going to come and choose Show > Guides, and there's my guide. Now what I want to do is use my Paragraph panel and I want to indent this on the left just enough to move everything over to that guide. So I'm going to come and click in the left indent field and nudge that up, moving everything over, and if I want to move in bigger increments, hold down the Shift key.
There, so that's 8.25 pixels, and I'm now going to select that value, copy that, and then come to my first-line indent where I will type in Minus, and then Command+V or Ctrl+V. 8.25 pixels. There we've created a hanging indent, and this would more typically be done using tabs. But you can't use tabs in Photoshop. You can put in a tab and it'll move your text to a point, but you don't get to determine where those points are. Effectively, you can't use tabs.
So there we've got ourselves a hanging indent with bullets.
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