The selection tools have Add/Subtract/Intersect modes. For example, suppose you drew a selection with the Lasso tool (or after committing the Magnetic Lasso tool) but there is a little area that sticks out and you want to trim it out of the selection. If you go up to the options bar and click the Subtract mode button, dragging the Lasso tool around the unwanted selection area will deselect just that area, leaving the rest selected. If you missed a spot, you can include it in the selection by switching the Lasso tool to Add mode and dragging over the missed area.
Experienced Photoshop users use the shortcuts so they don’t have to keep going up to the options bar. Holding down Shift puts a selection tool into Add mode, holding down Alt/Option puts it into Subtract mode. So you can work like this: Draw a selection with the Lasso tool, then...oops, I missed a spot, so I Shift-drag around it and it’s added. Oops, there’s an area that should not be part of the selection, so I Alt-drag/Option-drag around it and it’s trimmed off.