Yep, as Phyrebrat says there's no one way of doing it. I'm usually one of the last minute posters, both here and in the 75s, simply because I can rarely think of a good-enough story until the last few days, nor get my act together before then. Plus I tell myself I work better under pressure, and whether that's true or not, it makes writing a story earlier something of an extra challenge as I try to thwart my own self-programming!
Leaving it so late has told against me a few times, as someone else has already stolen my one idea and I'm left flailing around for something better -- Parson and mosaix are particular offenders in this regard.
I invariably read all the stories before writing my own because I don't want to produce something that's too close to another story. I know when I come to vote I tend to mentally mark down entries which seem too similar, so I don't want anyone doing the same to me. That risk is greater in the 75s, though, and it's rarely a problem in the 300s. I don't get disheartened at reading the other stories -- unless Parson and mosaix have committed their thieving, of course! But I do get a bit narked if someone posts a brilliant story immediately before mine, thereby casting my offering in the shade, and I've been known to hold off posting for 30 minutes or more, in the hope someone else nips in before me, acting as a buffer zone!
No running naked rituals here. For which everyone should be profoundly grateful.