My Most Commonly Used Steel
5160
A spring steel intended for highly durable blades. Used for blades that are meant to withstand heavy shocks such as swords and axes, or any large blade.
Carbon: 0.56 to 0.64%
Wear Resistance: high medium
Toughness: high
Rc Hardness: 62 to 55
1095
Very stable and will hold a good edge. Used for smaller or "average" sized blades.
Carbon: 0.90 to 1.03%
Wear Resistance: medium
Toughness: high to medium
Rc Hardness: 62 to 55
High carbon steel blades will rust if not cared for properly. Over time your blade will gain a natural dark "patina" if used on a regular basis. There are steps to take to prevent rust.
The oils from our fingers touching the steel will cause rust spots. To prevent this, wipe down with a light amount of mineral oil after touching or using.
Moisture will cause high carbon steel to rust. Keep your blades dry and be sure to lightly oil periodically. Think of it like a cast iron cooking pan.
As long as you maintain your blade with a reasonable amount of care, you'll find it a very useful lifelong companion.
Source: Hrisoulas, Jim. The Complete Bladesmith, Forging Your Way to Perfection. Boulder: Paladin Press, 1987. Print.