We gonna make a image like this:
Step 1: Color the background black and make a new layer
Step 2: Type some text in red color. Go to Effects>Blurs>Gaussin blur and set it on 8
Step 3: Go to Effects>Blurs>Motion Blur set angle on 0 and distance 20
Step 4: Go to Effects>Distort>Dents set Scale on 25, Refraction on 50, Roughness on 10, Tension on 10 and Quality on 2.
Step 5: Make a new layer and type the same text as before in orange.
Step 6: Move the orange text to the red with Move selected Pixels tool.
Step 7: Press ENTER and go to Effects>Blur>Gaussin Blur and set it on 6
Step 8: Go to Effects>Distort>Frosted Glass and set Maximum scatter on 4 and Minimum scatter on 0 and set Smoothness on 2 and move layer down.
Step 9: Go to layer 1 and color the background white or delete it!
Done.