When you see a drywall professional at work, it seems very easy. It simply seems to be, due to years of practice. It is possible for a beginner to achieve a good drywall finish by adhering to some basic guidelines, and steering clear of some of the pitfalls regularly stepped into.
Having all the required tools at hand makes the task a lot simpler. Having to go off in search of "the right tool", or having to make do with an inadequate piece does not promise great results. Instead, it only causes demotivation. Among the tools you will be needing is joint tape and joint compound, an application knife and taping knife spreader, a bread pan, and corner taping tool.
Besides making very sure of your measurements, be sure to fasten everything properly, and all panels are solidly in position. Otherwise you might be thinking the drywall finish is fine, until a panel comes off at the worst possible moment....
To ensure everything stays in place, use nails that are long enough. If you feel unsure about the fastenings, add some more nails. You can even use screws to do it, but you have to be sure that this is a lasting fixture. Another option available is using glue to hold the panels in place, only fastening the edges with nails. If you are dry walling the basement ceiling, though, this is not an option.
Try to get achieve the right consistency when mixing your "mud", or cement. Ideally, it should have a texture pretty much like cake icing. If you get it right, you should be able to scoop it up, and turn the trowel upside down without it falling off. All while still being easy to apply.
Using mesh tape instead of paper tape is an easier option. Mesh tape is porous, allowing the mud into it. For the person doing a drywall finish for the first time, it makes it much easier to create a smooth surface finish.
Do not expect to be able to use excessive amounts of joint compound, and simply "sand away" the bumps later. Doing so will just make it much more difficult to get the finish you want. Level it of with a wide taping knife, and rather minimize the sanding needed afterwards.
As long as you keep these basic rules in mind, You should be able to achieve a good drywall finish. The first attempt might not result in a perfect finish, but it needn't look horrible. Just keep your mind on the task at hand.