Paint the Ceiling
No matter how careful a painter you are, you will almost certainly spill, drip, or spatter some paint on the surfaces beneath the ceiling. So cover everything with drop cloths, or move all furniture and furnishings out of the room and cover the floor with a drop cloth. Mix and apply the paint as directed on the can. Plan on applying at least two coats. When the paint has dried thoroughly, carefully remove the tape.
Add the Molding (optional)
If you would like to surround the newly painted surface with molding, it will be easiest to cut and paint the molding before installing it on the ceiling. The molding can be attached with finish nails as long as you are certain that the nails are being driven into ceiling joists. Otherwise, molding can be attached with a thin, continuous bead of construction adhesive applied either on the ceiling or the backside of the molding. Press the molding tightly against the ceiling, and use strips of painter's tape to hold it in place while the adhesive dries. Wipe away any adhesive that oozes out. If you use nails, countersink the heads, fill the holes with wood putty, and then add paint with a small brush.