Culturing Live Rotifers
Live rotifers are the most common "first food" for larval fishes. Unfortunately, rotifers are only nutritious if they are fed nutritious food. First we will deal with culturing protocols and then move on to enrichment.
Things you'll need:
5 Gallon buckets
Flexible airline tubing
Rigid airline tubing
Air pump
Rotifer starter culture
Food (RotiGrow Plus, Instant Algae, live Phytoplankton, etc.)
60CC Syringe (Available at your local pharmacy.)
120 micron strainer
53 micron strainer
First, a little info on rotifers before I get into the specifics of technique.
Culturing Method
There are many ways to raise rotifers, the following is how I do it.
Step 1) Obtain a starter culture from a local source if possible. Starter cultures are available online as well: http://www.mariculturetechnology.com/Foods.htm
Step 2) Place the starter culture in a 5 gallon bucket. Add enough fresh saltwater with a specific gravity of 1.015 to double the water volume in the bucket. Feed with IA using the recipe below.
Step 3) Insert a rigid airline tube connected to an air pump to provide aeration.

Step 4) On day 2, add enough saltwater to double the volume again. Increase the water volume again on the next day.
I find that maintaining about 4 gallons of water volume in a 5 gallon bucket works well.
Rotifer feeding protocols when using IA Rotifer Diet:
Dilute concentrated IA by adding 50ml to a 2L bottle and filling with fresh SW at 1.015SG.
Feed 10ml per gallon of culture size, twice a day. ie; if you have a 4 gallon culture, add 40ml of the diluted concentrate twice a day.
You NEVER want to allow the rotifer culture to become completely clear. It is absolutely necessary to keep the rotifers fed constantly to obtain a dense culture. Without a dense culture, you may wake up one day and find that there is no more food left for your fry. Feeding smaller amounts, more frequently, is optimal.
Rotifers should be harvested every few days by using the 120 and 53 micron sieves. The 120 micron sieve will strain out the larger particles and the 53 micron sieve will collect the rotifers:
After a few days you will notice a build up of detritus on the bottom of the bucket. This should be removed either by direct siphoning or stirring the culture before straining it.
UPDATE:
As of November 2010, I am now using RotiGrow Plus from Reed Mariculture for culturing my rotifers. I am diluting it in the same manner that I was diluting the Rotifer Diet except I am using freshwater for the dilution. I am also adding 5ml of Cloram X daily. I'm seeing increased production and cleaner culture vessels. I highly recommend using this product.
Also, of note, I no longer need to enrich my rotifers before using them.
Harvesting:
Using a water pitcher I remove culture water and pour it through the sieves and back into the culture vessel.

Refreshing: Following the procedure above, 50% of the water is drained into a waste bucket instead of into the culture vessel and replaced with fresh salt water.
This information is a summary of what I've learned from my own experience as well as knowledge obtained from reading "Plankton Culture Manual - Frank Hoff" and "Breeder's Guide - M. Wittenrich". (See "Further Reading)