Demo

Direction

1. File > New > any size (mine used 200x200) > White background.

2. Filter > Texture > Grain, use these settings.

Now you got this.

3. Go to Filter > Artistic > Neon Glow, use these settings.

Now you got this.

4. Go to Filter > Stylize > Glowing Edges, use these settings.

Now you got this.

5. Select foreground color as green > type any text.

6. Right click on the text layer > Rasterize layer.

7. Duplicate layer twice.

8. On one of the duplicates, go to Filter > Blur > Motion Blur, use these settings.

9. You have got something like this.

10. Repeat step 8 on the other duplicate but make it a 90 degree angle.

11. Now is an optional, go to History palette, click "Glowing edges".

12. Filter > Blur > Radial blur, use these settings.

Wow, doesn't it look cooler?

13. Repeat step 5-10. Done. :-)