We present the results from a spectroscopic study of 1080 nearby active M dwarfs, selected by correlating the Two Micron All Sky Survey and ROSAT catalogs. We have derived the spectral types and estimated distances for all of our stars. The spectral types range between K5 and M6. Nearly half of our stars lie within 50 pc. We have measured the equivalent width of the Hα emission line. Our targets show an increase in chromospheric activity from early to midspectral types, with a peak in activity around M5. Using the count rate and hardness ratios obtained from the ROSAT catalog, we have derived the X-ray luminosities. Our stars display a "saturation-type" relation between the chromospheric and coronal activity. The relation is such that log L_X/L_bol remains "saturated" at a value of approximately -3 for varying Hα equivalent width. We have found 568 matches in the USNO-B catalog and have derived the tangential velocities for these stars. There is a slight trend of decreasing chromospheric activity with age, such that the stars with higher v_tan have lower Hα equivalent widths. The coronal emission, however, remains saturated at a value of log L_X/L_bol ~ -3 for varying tangential velocities, suggesting that the coronal activity remains saturated with age. We do not find any break in the saturation-type relation at the spectral type at which stars become fully convective (~M3.5). Most of the stars in our sample show more coronal emission than the dMe stars in the Hyades and Praesepe and have v_tan < 40 km s^-1, suggesting a young population.