In addition to what Hogan says about cross currents: make sure with a bow & stern set up that you have good chafe protection on your forward anchor. That will protect you with cross currents.
We sleep on anchor all the time. I believe it really comes down to how well you practice anchoring. Understanding how to set your anchor is the key. In Zach's Bay this past weekend, I watched so many inept attempts at anchoring. From throwing the anchor as far as it would go, to one guy with an all chain rode who stoped letting out rode about 2 feet after his anchor hit bottom. I couldn't believe it. He cam forward and surveyed his job - no scope whatsoever. Then left it like that. Needless to say, it wasn't long before several closer boats were shouting at him that he was drifting.
The easiest way to judge how much rode you are letting out to insure proper scope is to get those vinyl rode markers (about $4). They slide right into the strands and mark your rode at 30, 60, 90 (green), 120, 150, 180 (red), 210, 240, 270 (yellow). At Zach's Bay for example, if I'm in 20' of water I add 4' for the water to pulpit distance. When I am over the spot I want to drop I let out 25' of rode, momentarily shift into reverse as I play out more rode (slowly is the key here). Even if it's crowded I try to get as close to possible as a 7 to 1 scope, just to set the anchor. Once I have a 7 to 1, I will again give a reverse thrust for a moment, and let the boat settle. Then I will draw up to about a 5 to 1 scope. It usually clears out well enough for me to go back to a 7 to 1 overnight.
You will get a lot of good anchoring advice from this board. Good luck. If you see me in Zach's Bay, say hello and we can have some cold ones while we discuss the different anchoring tactics.