First, you need to have an experienced sitter with you. You're in for the full 8-10 hours, and on the off chance you start having a bad trip (things getting really dark and scary), you need someone to ground you to reality (and change the music or location, which can often instantly snap you out of a mood).
Second, if you're generally comfortable with your own thoughts and have a positive outlook you're much less likely to have a bad trip. This is why I think it's better to do it when you're older and more mature, rather than in your late teens/early twenties. I think you have more of an ability to process what's going on. Many people have the thought at some point during the trip, "What if I get stuck like this?" which can probably lead to a slight panic if you're not good at thinking about your own thoughts and realizing the feeling for what it is.
Third, go out into nature if you can. Preferably with just your friends and not a lot of people around. It's pretty cool.
Finally, the day after you'll feel somewhat drained and probably just want to stay inside and read. The day after, you're totally fine. I think the real long-term effects are kind of just a "tweaking of the dials". I don't feel like it was some super transformative experience, but it was really interesting in a way that's hard to describe, and you learn a lot about your own mind and how it works. I also feel like it kind of cleaned the windows on the way I see the world, in that I feel more positive and open to ideas, and in some ways I feel like I might be more creative now. It might sound hard to believe, but I understand now why they're researching using hallucinogens to treat depression, PTSD, etc.
Anyway, I'm not encouraging anyone to do it, but I will say that emotionally mature people should not be afraid to do it. Also, I never got any kind of signs that it was addictive. I pretty much just did it once, did it a few months later, and that was it for me.