Check Your Adobe Extension Manager
I just pulled out my last hair and thought I'd share my experience related this question:

I was trying to drag different patterns on top of my dynamic text field - this is because I did not see "TXEFF' listed in the Components tab. I was dragging what was available and it was just making a TxEff box on top of my dynamic text field. Nothing happened on preview.

The trouble was that I did not install the "TXEFFV3.mxp" file; I had only installed "TXEFFPatterns.mxp" The first thing you should do is make sure that 'TXEFF' is the first item listed when you expand "TxEFF - Jumpeye" in the components panel of Flash. If it is not, make sure you installed it properly by double-clicking the file named 'TXEFFV3.mxp' - this will open the Adobe Extension Manager.

If done correctly, you should see TXEFF V3 3.3.1 Flash Comp JumpEye Components listed in your Adobe Extension Manager.

For me, I see it listed two times...I think b/c I installed TXEFF.mxp and TXEFFPatterns.mxp Your version may be different than mine.

Check Your Adobe Extension Manager
Thank you for sharing your experience. Indeed, you need to install both .mxp files. The full license version of TxEff has also another version, a TxEff component with reflection, with a third .mxp file. Those of you who also have that file, you need to install it in order to have the version of TxEff that uses reflection.