We'll begin this tutorial, by creating a new canvas with a size of 250 x 250 pixels. Make sure the foreground is white, then go ahead and choose the "Ellipse Tool' and draw a circle, as I have done below.
I used "Romana BT" bold with a size of 90 pixels. Type "3Dtext".
Now that you have created your circle, you can now right click on the circle layer and select, "Blending Options...". Now click on "Drop Shadow ".
Do not click OK yet... still more to do
Now by click on "Inner Glow".
Do not click OK yet... still more to do
Now click "Bevel and Emboss".
Do not click OK yet... still more to do
Lets give it some color now by clicking on the "Color Overlay ". I chose blue, but you can use whatever color you wish.
Do not click OK yet... still more to do
Now click "Gradient Overlay ".
Do not click OK yet... still more to do
Now click on "Stroke".
You may now click OK.
You should now have the following.
Now go to the tool bar menu and select the "Elliptical Marquee Tool" and draw an oval as I have done below. With the foreground being white, grab the "Gradient Tool" and select "Foreground to Transparent" Gradient..."Linear". Create a new layer and starting at the top of the elliptical selection, holding in the "Shift" key on your keyboard, drag down...just below the selection.
The Results!!!
I have, as you can see, changed some colors and added an image that I created, (lowering the opacity a tad) to give you some more ideas. Be creative.
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