You have WP 2.7 if your admin screen looks like this:
Using the Insert More button on the visual editor
When you have a lot of text in a post, you may not want it all showing up on the home page or other places where you list your posts. You can easily choose to have only a portion of the post show up, with a “Read more” notice for visitors to click on and get all the details. Here’s how:
Get the Flash Player to see the wordTube Media Player.





