WARNING: size() was deprecated in jQuery 1.8 and removed in jQuery 3.0, use .length instead

Working Demo: http://jsfiddle.net/cse_tushar/6FzSb/

$(document).ready(function () {
    size_li = $("#myList li").size();
    x=3;
    $('#myList li:lt('+x+')').show();
    $('#loadMore').click(function () {
        x= (x+5 <= size_li) ? x+5 : size_li;
        $('#myList li:lt('+x+')').show();
    });
    $('#showLess').click(function () {
        x=(x-5<0) ? 3 : x-5;
        $('#myList li').not(':lt('+x+')').hide();
    });
});

New JS to show or hide load more and show less

$(document).ready(function () {
    size_li = $("#myList li").size();
    x=3;
    $('#myList li:lt('+x+')').show();
    $('#loadMore').click(function () {
        x= (x+5 <= size_li) ? x+5 : size_li;
        $('#myList li:lt('+x+')').show();
         $('#showLess').show();
        if(x == size_li){
            $('#loadMore').hide();
        }
    });
    $('#showLess').click(function () {
        x=(x-5<0) ? 3 : x-5;
        $('#myList li').not(':lt('+x+')').hide();
        $('#loadMore').show();
         $('#showLess').show();
        if(x == 3){
            $('#showLess').hide();
        }
    });
});

CSS

#showLess {
    color:red;
    cursor:pointer;
    display:none;
}

Working Demo: http://jsfiddle.net/cse_tushar/6FzSb/2/