Step 1

Create a new document. Press D, X to reset your colors and fill your background with black by pressing Ctrl-Backspace (in fact, you can use the Gradient Tool to make your background more attractive!). Use the Horizontal Type Tool(T) to type anything you like, you should use a "fat" font

Step 2

In the Layers tab, press Ctrl and left click on your "small" layer to select it

Go to Filter > Render > Clouds and Filter >3b Render > Difference Clouds to add some clouds to your text 

Step 3

Go to Filter > Texture > Stained Glass and use these settings: Cell Size 10, Border Thickness 4, Light Intensity 3. After this step, we will get

Step 4

Go to Filter > Blur > Motion Blur, use these settings: Angle 90-- Distance 40

Step 5

Now press Ctrl-D to deselect your text. We should make our background white again (if you use a black background) by selecting your background and press Alt-Backspace (which will fill your selected layer with foreground

Double click on your text layer to open up the Layer Style dialog box, use these effects:

+ Drop Shadow:     + Inner Shadow:     + Bevel and Emboss:      + Stroke:

Step 6

Press Ctrl-U to open the Hue/Saturation dialog box, use these settings: Check off colorize

Step 7

Done! All effects applied; here is the final result after using Gradient Tool with my background