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

This is the Delete anchor point tool.Just go onto this tool and click on it to select it.
Select the Delete Anchor Point Tool and position the pen pointer where we want to Delete the extra point to edit the already drawn path.After deleting the point 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 and after drawing with this tool,we observed that it need some more adjustments.Now we must anchor point and adjust in this way.
After editing, 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