Convert Point Tool is just below the Path selection tool.With the help of Convert Point Tool , we can edit lines,curves,shapes.For most users,the Convert Point Tool provides the best control and greatest accuracy for drawing.With the help of this tool, we can edit the drawn path.

This is the Convert point tool.Just goon to this tool and and click on it to select it.
After drawing a path with the pen tool,if we want to edit the path without adding (or) deleting the anchor points, at this time Select the Convert Point Tool and click the pointer where we want to edit the already drawn path.After clicking the tool on the path, anchor points are selected and the tool changes to direct selection tool, with which we can reshape the path.
For example,we are having this image which we want to select.Here we can draw with pen tool.
. After drawing with this tool,we observed that it need some more adjustments.Now we must use convert point tool and adjust in this way.
Now, after editing with the tool,we can just select the image.

Water Mark Image  | Gradient Tool  | Marquee tool  | Crop tool  | Move tool  | Magic tool  | Lasso tool  | Anchor Point tool  | Clone Stamp Tool  | Color Sampler Tool  | Custom shape tool  | Ellipse Tool  | Eye Dropper Tool  | Hand Tool  | Measure Tool  | Pen Tool  | Polygon Tool  | Rectangle Tool  | Rounded Rectangle Tool  | Zoom Tool  | Convert Point Tool  | Free form pen tool  | Delete Anchor point Tool  | Making an EyeBall  | Creating a 3DBall  | Removing Background of an Image  | Creating a Glassy Button  | Creating Impression Effect