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Hard to say, really. Different painting tasks call for different consistency and/or opacity, and the baselines will vary from paint to paint.
I made a mix of roughly (very roughly - forget the exact ratios I initially went with, then I tweaked it further as I used it) 40% water, 40% matte medium, 20% slow-dri, and a few drops of flow-aid (mixed in a dropper bottle, so that was plenty - it will foam a bit if shaken vigorously, but doesn't under normal use). Makes for a nice glaze when used heavily and makes a decent wash when extra water is added. Were I so inclined, I could easily make thicker and thinner versions to suit each task, right out of the bottle.
For general painting, though, I usually just stick to thinning with plain water. The various mediums' effects are pretty straightforward (and printed on the bottle) and further usage directions/restrictions are posted on the Liquitex website - if you can think through exactly what behavior you're trying to get out of your paints, it should be easy enough to throw together a test mix to tweak to your liking. Knowing that water alone will suffice for most tasks, it's hard to go terribly wrong.
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