- While the New selection
operating mode is chosen on the Options bar, you delete the existing selection by making a new selection. - To add an area to the existing selection you have either to choose the Add to selection
option on the Options bar or to hold down [Shift] key while clicking. - To subtract an area from the existing selection you have either to choose Subtract from selection
option on the Options bar or to hold down [Alt] key while clicking. - To intersect a new selection with the existing selection either choose the Intersect with selection
option on the Options bar or hold [Shift+Alt] keys while selecting. - While the New selection option is chosen and the cursor is within the selected area the tool looks like this
and can move the selection (ie. borders of the selected area and not the image content). - You can also move the selection using the keyboard cursor
keys.
Tip. Just in case you didn't know, the Magic Wand 
tool is also available in Photoshop Elements that is way cheaper version. And if you believe, Photoshop Elements lacks some other important feature, be sure to visit this page.
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