I'm on my fifth draft now for the first book of my main series. I've been adding, refining, fixing, and changing things in every pass, but I hope that draft five will be the one to leave as completed. Because I feel ready to leave it as I want to continue with book two soon.
For short stories, I usually do two to four drafts before I consider one somewhat done.
How do you edit your drafts? Do you change things in a draft or do you only fix small mistakes and make corrections? How many drafts do you usually do for a story before you consider them completed?
Here's the question: has anyone else read your story? If you're on your fifth draft and you haven't had anyone else read it, I would say you probably should stop picking things and have someone else read it.
And when I mean have someone else read it, I mean someone else.
But, as I found out, not "all someone else reading it" is created equal. So, this is where you have to determine what kind of corrections you are making and what kind of feedback would actually help you!
Critiques: Great for calibrating your writing! Do you have trouble with grammar? How does your prose flow? Do you repeat words a lot? Are you using a lot of big words without a real sense of what they mean? Does your dialogue work? Is there a lot of passive voice? Are your descriptions effective or distracting? It's all the technical stuff that we often overlook in the excitement of writing. What they're amazingly bad at is determining if your story is actually any good. That is, the important question of "Will readers actually like this?" That's more into if you have a good story structure. Are your characters relatable? Does the plot make sense in a way? Did you make a world that's functional and logical? They just can't help you with that.
So, if your story is going back and nitpicking at your prose and such, go get it critiqued. You might find a root problem with your writing that's causing you to make endless small changes. Critique Circle is an amazing place to do that.
Beta Reading: This is more for figuring out if your story works as a whole. Do the events progress in a logical way? Are the characters relatable? This is really where you can see if your story actually has potential. Will a beta reader point out a technical problem like grammar? Sure. But I found Beta Readers are looking to make sure your story isn't structurally broken. That the events follow a logical path, and you don't have things slipping in that don't really serve a purpose.
The hard part is finding someone who is willing to do so can be a challenge, as it is very time-consuming. If you don't have time to read someone else's story, you can't have a beta reader unless you're willing to shell out some cash. It really is a system that thrives following the golden rule: you really do have to treat their story the same way you want yours treated, which is with respect and honest feedback. Too often, you find that one person who will wait until you read through their book, provide feedback (even if just for a few chapters), only for them to say, "I haven't read yours yet, and don't know when I'll get to it because I'm so busy. But thank you!"
So if you're finding yourself changing entire scenes, and adding things, and adjusting the scope of your project, you might want a full on beta reader to try and help you get focused back on your story.
Collaboration: This is where you sit down with others to talk about your story. No reading. No big long commitments. Just talking. You're going over the characters, general plot, etc. This is great if you're not sure where you need to go to advance the plot, which often causes me to go back to previous chapters and start revising them just because you don't know what else to do or how to go.
Obviously, the drawback is that they're not actually reading the story. So they can't make a comment so much on the overall execution.
And maybe as you read this you a little bit of everything. You might need to do all three of these things. I'm just throwing out a suggestion and what works and doesn't to possibly fix your problem.