Your ext. HD is now just another source for storage. All the other posters have touched on what to expect or should do, but its your ext. HD use it as you plan to. Just take the special effort to back-up any super critical data more than once, don't think your ext. HD isn't prone to problems, it is. Like any other storage media it too will succumb to wear&tear and improper mounts/dismounts, so do the proper procedure. Your own ext. HD maker should provide details & info on usage.
The only thing I truly disagree with is that you leave it disconnected until you actually require its use. Allow it to sit out until its needed. Constant connection even with AC power as it is a "weak link" in USB connected devices, an ext. HD just may up and die for whatever reason because it sits idle yet connected. It is also an demanding device under USB port connection so I tend to advise leave it out until needed. It also "stews *heat*" and cooling is just basic thermo-alloy design to vent heat away if no active type.
tada -----Willy 