I always have the same problem with post excerpt, post content. There’re various hooks and functions for this purpose, like @kaiser pointed out. But sometimes they don’t do exactly what I want.
Here’s my solution, I write my own function that take the post content, and truncate it into specified number of words:
function wpse69204_excerpt( $num_words = 20, $ending = '...', $post_id = null )
{
global $post;
// Truncate post content
$current_post = $post_id ? get_post( $post_id ) : $post;
$excerpt = strip_shortcodes( $current_post->post_content );
$excerpt = wp_trim_words( $excerpt, $num_words, $ending );
// Read more link
$excerpt .= '<a href="' . get_permalink( $post ) . '" title="">Continue reading...</a>';
return $excerpt;
}