What version of PCM? DO you have the Plus part licensed or on the 30 day trial? You need the Plus for Traffic Monitor. Did you modify the community strings from the out-of-the-box defaults? If so, have you plugged the new stings both into the default and Device Manager?
Setting it up seemed straight forward but to be honest, it was the last thing I did when I configured PCM and my switches so I cannot confirm whether there are specific dependencies. I had already setup all the community strings and authorized IP Managers on both sides.