Reply to thread

Once traced the path hold the "ALT" key and click over the last anchor point, to get rid off one of the transformation segments/axis.

You can't delete both transform axis from the anchor point only one of them, it won't make sense keeping and anchor point whit out any transform axis, 

Also you can always add points to any place inside the path or delete any anchor points as well.

If you want to draw straight lines hod the "SHIFT" while dragging your path, or if you want to draw an arch, just use the handle axis and adjust it to your likes. 

This may help , How to Use Photoshop pen tool.