You're the first reader of your work, and should be your own toughest critic. Remember, you're writing a story that
you would want to read. So don't spare your hard-won text. It can survive tough handling on your part.
First things first. If you're using a computer, print out your story. Print it double-spaced, so you'll have room to mark changes between the lines. While you can do a lot of editing right on the screen, the printed manuscript will probably look different to you. I always find that a lot of things jump out at me that I just didn't see when I first viewed my work on screen. Grab your favorite primitive writing implement (pencil or pen) and get to work.