I think what you need to learn is how to use this
.
this
is a keyword that refers to the element you click on.
So, you can do something like $(this).hide()
or remove(), or toggle(), or what ever you want.
http://jsbin.com/awirap/5/edit
Edit: To show the read more when you click on another you will do this:
$('.toggle').show();
You show all of them, and then after this bit of code you do $(this).hide();
to hide only the one you've clicked on.