Is there a way to create a polygon(<4 sides in my case) with rounded edges? I have tried giving it an outside stroke also, but that only works when it is a thick stroke. What I do need is a hexagon with a thin(2 pt.) stroke, with rounded edges. Please help!!
Illustrator is much more efficient when creating custom shapes but if you want to use Photoshop I suggest you try the following script:
Download this script: Corner Editor
Move "Corner Editor.jsx" to "/Presets/Scripts/" in the Photoshop directory.
Create your shape using the Polygon Tool (U)
run the script: "File -> Scripts -> Corner Editor"
Select the options which will work for you. You can then add a layer style to give the shape a stroke.