Your Story is a "draft" when it is not yet submitted to the moderators.
Upon "submitting" your post, it goes into the "needs review" queue for the moderators. You can still make edits while in "needs review".
When the moderators have begun the review process, it will say "in review" next to your post. In "in review" your post is locked and you are unable to make any more edits.
When your post is "approved", it will move from "Drafts" to "Published". Your Story is now live! Click on the post to access it at its URL.
If your post is "not approved" you will receive a notification and an email, explaining what should be changed in order to resubmit.