Collections blog post help

Hello,

I am trying to add a short description to my blog posts on my blog page however there is no "read more" option. The entire text for all my blog posts shows up on my blog page. The template I am using for my blog posts page is "Blog 1" and it displays the read more option but whenever I enter my full text I don't see an area to insert a preview or caption to the specific Blog Post.

The image attached is from the template im using showing "read more" that I wish to have in my posts.

 Excerpts are added or changed in the blog post settings. You get there clicking the post thumbnail and then the gear icon up on the right corner. Then select options and scroll down until you see the excerpt box. Read more will show up on the page excerpt by defualt. 

Thanks for the help but it still does not work when I add it to the excerpt section. Do you have any other ideas how

You won't see it where you post the excerpt, it shows up in the blog page post list after you save the excerpt,  at least it does on my 7.1 lab/testing site.  In other words you don't have an option to have read more or not, it's there by default. Lets start at the beginning, go into edit then go to pages, choose the blog page, click on the post thumbnail, let the post open up full screen, then click the gear icon in the top right corner, then the blog post settings panel opens, choose options, there on the right is the excerpt window, paste or type your excerpt there. You also post your blog thumbnail image there as well. Hit save, go back to blog page to view, your excerpt will now be there with read more, just like the screen shot above. 

Thank you again for trying. Unfortunately, I followed all the steps you've showed and it still shows the FULL text. I attached an image of what I wrote in the excerpt section and clicked save and went back to the blog page and it still shows everything there. I'm wondering if I need to delete my text and start over.. Again really appreciate your help, can we keep trying?

Does it have anything to do with the format of the text?

Also would like to add it says "Read more" at the end of the blog but not after the except I attempted to make.

It will not show the excerpt or read more  unless the page is published, not in draft mode.