Hi! I found a partial answer and then I figured out how to use the clip tray.
When you hard press on any text, the clip tray option comes up. You will see all possible clips. On the right top corner you will see a pin, a trash can, and an X.
To save or delete clips, you simply press on the pin or the trash can. Then all or any of the items can be selected. When you are done with your selection, you press the check mark.
Done!