1. Begin with a new file, I choose 300x150, but any size will work, then choose a dark background color.
2. Now take the Text Tool and type in your text.
3. Then right click on the text layer and choose Duplicate Layer, then rasterize the layer, to do that just right click on your text layer and choose Rasterize Layer or go to Layer>Rasterize>Layer, then go to Filter>Blur>Motion Blur and set the Angle to 0 and the Distance to 30.
4. Now go back the text layer and duplicate the layer again.
5. Then rasterize the layer, then go to Filter>Blur>Motion Blur but this time set the Angle to 90 and use the same Distance 30.
That's it you are done!
This is what I came up with.
Below are some other examples with different background colors but with the same effects.
