When you tap on it, you will see your watch list on the right hand side.
You’re able to search for players, and star them to add them as part of your watch list. If you want to remove players from the watch list, you would just unstarred them.
To find the draft queue you would go to a league and go to the draft board. Here you will find the draft queue.
When you want to remove a player from your queue you will have to tap on their circle, and you’ll be able to tap on the trash can to remove them.
You can also move them up or down in the queue this way as well!