After that we’ll just make a copy of the made layer, applying for it the next settings.
Blending Options>Outer Glow

 

Blending Options>Color Overlay



We’ll get the glow effect.



Create a new layer again and using a brush and the white color, try to make a white circle, giving it the appropriate settings for representing the glow effect too.

 

Blending Options>Drop Shadow



Place this layer behind the layer containing the flames.



Next we’ll introduce the next demonstrated word by choosing for the operation the Horizontal Type Tool (T).

 

Character options:

 

 

Now we shall follow the next settings to represent a kind of text’s effect.
Blending Options>Outer Glow

 

Blending Options>Gradient Overlay

 

Gradient Editor

 

Blending Options>Stroke

 



Finished!

View full size here.