1) Create a new document. File- New- 500 width & 500 height pixels. Name it Planet and press OK.
2) Set your background as black by pressing alt- backspace.
3) Create a new Layer.
4) Use Eliptical Marquee too from the middle to the bottom right. Abbout 2/3 the size of your image.
5) Then press shift- backspace. Use 50% Gray and OK. Press ctrl- D to make the line disappears.
6) Double click on your layer. USe layer mask hide effect. Then drop the opacity to zero. NOT THE OVERALL OPACITY, just the FILL OPACITY.
7) Add out glow. Change the size of the outer glow to 45. Now ass innter glow; change the size of this to 35. Then press OK.
8) Add a layer mask. Now use the gradient tool; black to transparent. Drawing from the bottom left from the inside of the circle and drag to the ring of the top right.
9) Now create a another new layer. Shift- backspace. Use 50% gray again and OK.
10) Go to filter- render- lens flare. Use 105mm Prime and Brightness is 80%. Move your lens flare right about the ring of your planet and OK.
11) Then change the blending mode to hard light. If its not in the right spot, you can use your move tool to move it. Right on thre ring.
12) Add a layer mask. Use the gradient tool ; black to transparent. Drag from here and close to the ring.
13) Now press Ctrl- U to get rid of color fusion.
14) Create another layer. Now you can change your color to any color and OK.
15) Alt- backspace. Use blending mode and change it to soft light. ... Its done.