1. Simply start off by creating some text, it works best to have the text color a color similar to your background.

2. Now go into blending options for the text and add a drop shadow white a white color, 0px size, 1px distance, and at a 90 degree angle. Also mess around with the opacity, I normally have mine at 10-15.

3. Now add a inner shadow and keep the default settings just play around with the opacity.

This tutorial will also work with shapes.