As of this morning, I finished writing the second draft of my upcoming fantasy novel, The Mad Voyage of Prince Malock. At 125,437 words, it’s longer than the first draft, but also a lot better because I understand the characters, plot, and world better than I did in the first draft.
Per my usual method, I am putting it aside while I work on something else. Then I’ll write the third draft and move onto the revision process and, after that, publish it.
Like with the first draft, this draft just flowed out of my fingers onto the computer screen like a fountain. That it’s coming so easily just blows my mind and makes me think I’m onto something (although of course this “something” will require a little revision before it’s ready to show to anyone).
-Tim
Timothy L. Cerepaka's Blog 
At this point, you may want to consider letting your beta reader take a look before doing a third draft. Doing so could save you a lot of unnecessary work. This is not to say that a third draft is unnecessary, just that a second pair of eyes looking at the manuscript can help you find what still needs revision and what is good the way it is in the second draft.
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Thanks for the input, Thomas, but I 1) don’t have a beta reader (although I am a member of a writer’s group, so if necessary I can find someone to look it over for me) and 2) am not ready to show the story to anyone else yet.
Once I feel comfortable I’ve ironed out most of the biggest problems, then I’ll find someone else to look it over, but not before.
-Tim
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