Phal - just dropped last bud. Tips?

[beopposed]

Hello, I am very new to the orchid hobby, and I just bought my first phal a couple of months ago. I got it from a garden center, and it has been doing very well.

However, I do have some questions that I can't seem to find simple enough answers to, since I'm a newbie.

My orchid just dropped some buds that never opened. Is this normal?

It also seems that orchids need to be watered pretty frequently. I've found that the bark my orchid is in doesn't dry out quickly enough for me to water it as often as indicated. The leaves, however are very thick and healthy looking, no indication of dehydration. The pot it is in is about 4 or 5" in diameter. I've never gotten a look at the roots.

Since the orchid just lost all of its buds, should I cut it back? It's just a long stem now, no buds.

I also found some small, white bugs on the underside of the leaves. They look kind of like silverfish. What are those, and should I be worried? (EDIT - It seems that these bugs are mealybugs. What can I do to get rid of them? I ran the leaves under the faucet for a few seconds and it looks like they're all gone.)

Last question -- should I be fertilizing it? If so, how often should I do this?