The ASIM discussion in this thread reminds me of a
fun discussion we had here several years ago about the same market.
I pretty much follow
JRMurdock's process in post #12 of this thread, except that I usually don't wait so long before editing. I usually wait only a few days, just long enough for me to be able to look at it with fresh eyes.
As I mentioned in
another thread, I use Duotrope to find markets and keep track of my submissions. I figure that if I sell at least one story at a semi-pro rate per year it pays for itself. The story paying for this year's use of Duotrope is the one from the old thread mentioned above (Kat, if you're still interested in reading it, it's
here).
I keep sending out stories until they are either published or I lose interest in them as ongoing projects. Because I always reread (and often edit, even if it is only a few word choices) every story between a rejection and the next submission, I sometimes hit a point with a story where I say to myself, "I really like this story, but...." If the "but" is something I am interested in addressing, I do so, as in the case of a piece of flash fiction I wrote back in 2008 and rewrote as a 4000-word story this year. If the "but" is either too big to tackle at the time or not something that interests me at the moment, I retire the piece for awhile. Perhaps some day I will revisit these pieces. I am reminded of Tennessee Williams, whose play
Battle of Angels was first produced in 1940. The play was not a success (apparently there was a stage fire on opening night!) and Williams was not satisfied with it. Over the next 17 years he tinkered with it, finally republishing it as
Orpheus Descending in 1957. It still wasn't a success, but the play is a testament to Williams's dedication to his artistic vision.
One thing I don't really do when making such decisions is factor in the number of rejections the story has accumulated. The story mentioned in the old thread I linked to above was rejected 15 times over the course of 6 years before finding a home, and my most recent sale (my first pro sale, no less!) was for a story that was rejected 13 times over the course of 3 years. I believed in both stories, and so I kept tweaking them and sending them back out. I have another story that has been rejected 21 times in 3 years, but I keep sending it out because I think it's one of the best things I have ever written and I know that one of these days I'll find an editor who will want to publish it.