If you mean trace as in the option in Illustrator you cannot. The easiest way and pretty much the only way is to use the pen tool. You add nodes to each curve and line around the object you're tracing then when completed it will close the shape. If you plan on using this shape in illustrator go to File/Export Paths to Illustrator. Then it will give you the option to save it as an AI or EPS. If you'd like to continue using photoshop for this shape, then double click on the gray screen or File/Open then open your vector file.
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