This is a great tip shared by Kevin Monahan at the Adobe Blogs.  Adding this shortcut to your keyboard will enable you to use the Extend Edit feature.  This will simply allow you to trim the beginning or end of a clip up to the current time indicator (CTI), a lot like Alt+[ or Alt+] in After Effects.

It’s basically the Roll Edit tool, but this will allow you to cut quickly.  Plus depending on the circumstances this will let you Roll Edit clips on multiple tracks.

Kevin gives us a step by step tutorial here.