Maintenance on backyard rail

I have a 18ft steel flat bar rail in my backyard. I spray painted the steel but it is now rusting. what should I do? Sand down the rust and paint? should I repaint it? sand it down to just the steel and leave it?
 
Hit it, i have a 20ft flat and its soo rusty but it still slides nicely, only the edges of the metal have to be clear, ever look close at a flat rail at a park? usually the edges are the only parts scratched because the metal bows every-so-slightly in the middle. So hit it up!
 
I welded my own flat rail for my backyard and during the fall it rusted like crazy. Once the first snow came around I just took a power sander to it and got most of it cleared off. The rest that didn't came off right away when I Started hitting it.
 
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