The traditional method of silhouetting an object to knock out its background involves using the dreaded Pen tool to create a path, earmarking that path as an official clipping path, and then saving the file as an EPS. However, since few people have any actual fondness for the Pen tool in Photoshop, they have instead become adept at avoiding the issue in several ways:
Deciding that a square-cut image is much more tasteful
Bribing someone else to draw the path
Making a selection with the Magic Wand tool, and then converting the selection to a path
The first two options are adequate, but using the Magic Wand will result in a lousy path. The Magic Wand is not truly magic (sorry). It’s acceptable for creating some selections ...