We'll begin this tutorial, by creating a new canvas at a size of your choice with a dark background. I will be using black. Make sure the foreground is white, then go ahead and choose the text tool. I used "Edition" with a size of 55 pixels. Type "MAGIC".
Now that you have your text, you can now right click on the text layer and select, "Blending Options...". Go ahead and click on "Outer Glow "
You should now have the following effect.
Now duplicate your text layer 2 times ("Layer" then "Duplicate Layer") and merge the top two text layers (Ctrl + E on Windows or Cmd + E on Mac) and drag it below the still vector text layer. Now go to "Filter" then "Blur" next "Motion Blur" with "Angle" set at 90 and "Distance" set at 20. Hit "OK" and turn the Opacity down to 85% on the blurred layer. The below image should be close to what you have.
Now you can begin to create your stars by selecting the "Brush Tool" and going to the "Options Bar" near top and finding the "Star 55 Pixels" brush. Create a new layer ("Shift + Ctrl + N on Windows or "Shift + Cmd + N on Mac) and click on the canvas to create individual stars. Change the size of the brush ("[" = smaller "]" = bigger) now and again to give it depth.
Once you are satisfied with your star field, you can give your stars the "Outer Glow" that you gave you text layer and you done.