The exact same thing happened to me. Had long hair for close to a decade (14 to 24), and then the receding started to bother me to a point where it affected my confidence.
So now I just buzz it off (clippers, not shaving) once every two weeks or so. I still have hair (it's thinning now that it's finished receding, apparently!), but it's never going to look good long again. It was tough for me in the first few months, but a year has passed and I'm totally happy with my looks now. Balding's not that bad if you've got the face for it. :P