How do I remove items from my watchlist in the new format of Y!A?

After choosing "My Followed Questions" from the "All" list, go to the question you want to deleted. Hover your mouse over and you will see a star on the right that you will see says "Unfollow". Click that and the question will be deleted. I didn't know until you asked, and found that right away. Don't be afraid to take a moment to investigate things.

I'd like to add that I like the approach another answer gave better... to click "Watchlist" from Answers Home, instead of choosing it from "All. It's one step easier.

There is a + in front of the word "watchlist". It is green when in the watchlist. Click it and it turns gray which indicates it has been removed.

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Click on Answers Home > More > My Watchlist

Chetak