I discharge receiver batteries once or twice per season depending on use (once at the beginning of the season, once in the middle). Other than that I just recharge them from the last state I flew them in. Any more cycling than that and you're wasting precious cycles. When discharging, bring down the voltage to no less than 1.1 volts per cell (4.4 volts for a 4.8v pack) then slow charge them with the supplied wall charger, unless you have a battery conditioner (then use that). For long term storage I discharge to 1.1 volts per cell and put them in the refrigerator.

I actually just finished cycling my batteries to make sure they were at least 80% rated capacity and ready to go for the season.