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Instead of tapping the Select button, you can press and hold the Action button as you drag the stylus.
Tap the Edit button to see your editing options. The options available depend on what you have selected: text, handwriting, or a drawing.
You can apply formatting to a selection, or you can set default formatting that is applied to everything you then type, write, or draw.
You can also use the Space button to increase or decrease the space between elements on your screen.