Page template denying <!–more–> tags

For this page (https://gameshoppers.net/nintendo-ds) I’ve created a specific template with on the top a list of blogposts showing only the content of the posts (plain links to other sites) and underneath it a summary of normal blogposts from a specific category. The problem is that it seems to deny all <!–more–> tags, it just shows the whole post. This is my page template:

<?php get_header(); ?>

<div id="wp_content">

<div id="post_entry">

<h6>Nintendo DS Game Deals</h6>
<div class="post_content"><?php $recent = new WP_Query("category_name=NDS Cheap Game Deals&showposts=14"); while($recent->have_posts()) : $recent->the_post();?>
            <?php the_content(__('Read More...'));?><div style="clear:both;"></div>
<?php endwhile; ?></div>

<?php $recent = new WP_Query("category_name=NDS Game Deal News&showposts=10"); while($recent->have_posts()) : $recent->the_post();?>

<div class="post_meta" id="post-<?php the_ID(); ?>">

<div class="post_title">
<div class="post_permalink">
<h1><a href="<?php the_permalink() ?>" rel="bookmark" title="<?php the_title(); ?>"><?php the_title(); ?></a></h1>
<span class="author">Posted By: <?php the_author_posts_link(); ?>&nbsp;<?php edit_post_link(__(' Edit'), '|', ''); ?></span>
<span class="category">Published in <?php the_category(', ') ?></span>
<?php if(function_exists("UTW_ShowTagsForCurrentPost")) : ?>
<span class="category"><?php UTW_ShowTagsForCurrentPost("commalist", array('last'=>' and %taglink%', 'first'=>'tag in %taglink%',)) ?></span>
<?php endif; ?>
</div>
<div class="post_date"><p class="days"><?php the_time('j'); ?></p><p class="month"><?php the_time('M'); ?></p></div>
</div>

<div class="post_content"><?php the_content("Continue reading " . the_title('', '', false)); ?><div style="clear:both;"></div></div>
<div class="post_commented"><a href="<?php comments_link(); ?>"><?php comments_number('no comment','1 comment','% comments'); ?></a></div>
</div>
<div class="clearfixed"></div>

<?php endwhile; ?>

<?php if (have_posts()) : ?><?php while (have_posts()) : the_post(); ?> <!-- init post page -->

<?php endwhile; ?>

<div class="post_updates"><?php if(function_exists('wp_pagenavi')): ?> <?php wp_pagenavi(); ?><?php else : ?><?php posts_nav_link(); ?>
<?php endif; ?></div>

<?php else: ?>
<h3>Sorry the post had been deleted</h3>

<?php endif; ?>

</div>
<?php get_sidebar(); ?>
<?php get_optional_sidebar(); ?>
<?php get_footer(); ?>