Nearly 4000 colors, almost 300 partially transparent... Looks like you traced over some computer generated text. I don't really have a problem with that so long as the original text is gone in the final submission. Also, I haven't seen any pixels before with partially transparent colors, so I think that they're not quite smiled upon.

The head is decent, but could use some smoother shading, like Dr. Germany said. As for the text, I recommend that you start over.

Pretty good for your first try. The letters look really good with that kind of sketchy shading, but it doesn't seem to fit as well on the dragon's head. I would suggest trying a smoother way of shading there, like dithering.