How to maximize Android battery life?

I have LG Optimus V android phone. I am quite satisfied with the phone but one problem that is really annoying me these days is the battery life. One of my friends told me to charge the phone whenever phone is completely out of charge for better battery life. I did the same thing. But recently I am noticing that my phone loses it charge in a very quick span of time after completely charging it. I want to know from the people who are experts, about how can I improve Android battery life. Can anyone help? I would really appreciate your useful information regarding this. Thanks.

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