For children, - How should we choose our friends according to Islam?

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We should choose the friend that believes in and abide by our religion (Islam)and gives great respect to what Allah (SWT) and Prophet Muhammad (saw) had ordered us. And we should stay away from the one who is not well mannered and gives no attention to what Islam is about or what pleases or displeases Allah (SWT), for he will surely affect us negatively. There is no good if the companion drowns us in sins and displeasing Allah (SWT). The bases for the actions of those who follow the evil ways are corrupt; their actions are built upon misguidance and deviation.
Good friends are those who share with their companions both happiness and sadness. If we share our feelings with the wrongdoers whose actions are worthless and based on corruption, then we are following the same ways and standards as they are doing, and we will end up being as corrupt as they are, and then we are in a big trouble, how can we face Allah's (SWT) dissatisfaction and displeasure? Instead of making friends with the misguided ones we should befriend the righteous, yet treat the rest in a gracious and just manner. Staying at sufficient distance is necessary; yet treating everybody in a noble and kind manner is required.
The danger of having corrupt friends isn't confined to the worldly life. Such friendships produce repentance on the Day of Resurrection, too!
Allah (SWT), the Exalted says in the Noble Qur'an: "And (remember) the day when the unjust one shall bite his hands saying: O! Would that I had taken a way with the Messenger! O woe is me! Would that I had not taken such a one for a friend! Certainly he led me astray from the reminder after it had come to me;" (Surah Al-Furqan, 25:27-29)
The two main regrets on the day of judgement are (1) Not following Prophet Muhammad (saw) on the path of guidance and (2) Befriending a person who diverted one from the truth.
Imam Ali ibn Abi Talib (as) has said: "The felicity of this and the next world lie in two things: firstly, keeping secrets; and secondly, friendship with the good. And the miseries of this and the next world are summed up in two things: firstly, divulging secrets; and secondly, friendship with wicked persons."
So take heed before the inevitable day of judgement comes and we are reckoned for our acts.
Allah (SWT), the Exalted says in the Noble Qur'an: "Friends on that Day will be enemies one to another, except al-Muttaqun (i.e. those who have Taqwa/Piety)." (Surah Az-Zukhruf, 43:67)
It is wise to choose moderation in dealing with friends. Excessive love and confidence in friends are unacceptable since it happens that a friend may change into an enemy and use the secrets that he had shown as weapons.
Allah (SWT), the Exalted says in the Noble Qur'an: "And cooperate in righteousness and piety, but do not cooperate in sin and aggression." (Surah Al-Maeda, 5:2)
Imam Ali ibn Abi Talib (as) said: "When you cherish someone you should cherish him moderately for he may be your enemy someday, and when you hate someone you should hate him moderately for he may be your friend someday." Also said: "If you intend to cut yourself off from a friend, leave some scope for him from your side by which he may resume friendship if it so occurs to him some day."
Imam Jafar Sadiq (as) said: "The secrets that you must show before your friends are only those through which your enemies cannot harm you, for a friend may change into an enemy."