It is so simple to draw a torch with my this example, you have to just follow my this example to make it.
New File: Create a new document.
Draw a Circle: Choose Ellipse tool (U key) and black color to draw a circle as looking here.
Gradient Overlay: Go to Layer Menu > Layer style > Gradient Overlay and use settings.
Pen Tool (P key): Choose Pen tool and make points as given below.
Gradient Overlay: Go to Layer Menu > Layer Style > Gradient Overlay and use same settings.
Pen Tool: Choose Pen tool with any color and make points then adjust as looking here.
Effects: Go to Layer Menu > Layer Style > Gradient Overlay, Bevel and Emboss and use both settings.
Buttons: Choose Rounded rectangle tool (U key) and make a shape with any color to look like a button area.
Inner Shadow: Go to Layer Menu > Layer Style > Inner Shadow and use settings
Choose Ellipse tool (U key) and make a two little circle as I have done here.
It is your result.
Recommend the tutorial