Before removing links from the bracelet, determine if you can adjust the size through the fold over bracelet clasp, which can be clasped differently to change the way the watch fits around your wrist. If not, then you can remove links to make the watch band smaller.
Stand the bracelet upright with one end of the links on a flat surface.
Insert the sharp end of a push-pin or a pointed tool from a hobby kit into the opening in the links near the top.
Slide the pin straight up in the direction of the arrows. There are arrows on the back side of the links. You will need to apply a little force to the tool to remove the pin.
Repeat until the desired number of pins are removed.
Look at page 4 of the Timex manual (link below) to see a picture of this process.