• Every story has a number of points, called "beats", that have to be gotten across, and typically in order, for the story to make sense. Collectively, they form the skeleton or structure of the stories. Have these firmly in mind before and while you tell the story.
• Add enough detail to make it vivid. The details do not have to be accurate, they just have to be summarized in a few words.
• The story has to have an underlying theme. Self-deprecatory themes are often the best: "My life sucks" and "I suck" are about the best. "People around here are crazy" and "weird shit happens" are good too.
• The story should end with a "stinger", one sentence that completes, ideally in a surprising or shocking way, the story.
• The story is typically told in present tense, with past tense serving for the perfect tense.
• The words you use are half the story. The rest is intonation, facial expression, and gesture.

Here's an example.

First time I ever landed in Tan Son Nhat Airport in Saigon in the 90s. note the specific detail of the name -- the listener won't remember the name, but it lends the story authenticity. It had been built by the US Air Force in the 60s; the Communists took it over in the 70s and not much had changed: Quonset huts, rocket shields, grenade sumps doesn't matter if they, or you, know what these are, they sound military and cool. MiG-21 instead of F-15s but pretty much the same. say this casually, but you want your listener to be thinking, "Grenade sumps? Rockets? Fucking MiGs? Holy crap.

I am in line in the Customs shack and there is a German tourist, little fat guy details, details! ahead of me. The Immigrations guard, who is this scary-ass motherfucker don't be afraid to use profanity when warranted in shades and a green uniform, asks him 'What hotel?' use a harsh, scary voice

The German tourist explains that he hired a guide and the guide reserved the hotel, but he doesn't know which one.

The scary-ass guard use the same words for the same thing -- easier for the listener to keep track says again 'What hotel?' use the same voice too

The German tourist says 'I don't know vich hotel' adopt a mild-sounding German accent.

'Go stand there.' guard voice, and actually point

Now I'm fucked. Because I am in the exact same spot. I hired a guide. He reserved a hotel. I don't know where it is. And if I try the same bullshit story as the German with this scary-ass guard, they are just going to, I don't know, drag me out on the tarmac and blow-brains-out gesture.

The scary-ass guard turns to me. 'What hotel?'

So I blurt out, 'Hotel Orient'. Which is a name I made up on the spot. We are in the Orient, so there should be hotel called the Hotel Orient, right? shug And what is he going to do, check? big shrug

Turns out, my guide made a reservation for me at... the Hotel Orient.

I actually tell this story and if you analyze, there isn't much there. There isn't an overarching point. But people enjoy it because it has an exotic setting, some historical context, some tension, and a very mild stinger at the end. Those are only brought out, though, if the story is properly told.