Many people use water to thin their acrylics and then complain that their painting looks chalky and dull. Worse yet, it flakes off when used thinly on a non-absorbent surface. Despite what you may think, water is not the best extender for acrylic paint. Remember that water evaporates: it disappears. You don’t make more paint by adding water because water evaporates and - it has no binder in it!
What happens when you add too much water to acrylic paint?
The above reasons are often why people complain about the “dullness” and “flatness” of acrylics. Truth be known, painters cause dullness by over-diluting the paint. The exception, of course, is when the paint is used for a "staining" style, where the thinned paint is absorbed into a highly absorbent surface, such as watercolor paper or raw canvas. When using acrylics to yield a watercolor style, it is perfectly appropriate to use water as the medium.
In non-watercolor-like painting styles, the suggested ratio of water to paint is about 50/50. But people don’t realize how much water they have loaded into a brush when they wash the brush in a water bucket. They need to wipe excess water off on a towel - and then put brush in paint.
The remedy: Use Polymer Medium - or a heavier viscosity gel!
Just as you use a painting medium in oils (which has a linseed oil binder in it), you should use a polymer medium when using acrylics, which also has a binder in it. A good analogy is using turps as a medium for oil paint - we all know how it dulls out the colors and is an unstable film which wipes off easily. Since turps has no binder in it, it does not form a strong adherence to your substrate. Same thing with water. As I mentioned earlier, use it only for watercolor/staining techniques on an absorbent surface.
Another benefit of using Polymer Medium: you will not lose the volume. Water evaporates completely. Polymer Medium has more viscosity and retains more volume. I learned the hard way - with "shrinking" paintings. Now I use either a polymer medium or a gel to keep my paints thick, juicy and saturated!
Here's the beauty of working with acrylic mediums - pick the medium that suits your style - whether that be thin and drippy - or thick and impasto-like. There are a multitude of textures and viscosities to choose from! I will be explaining this more in future artbytes, so stay tuned.
Here are a few examples of the different effects you can get, just by changing your medium, or using it as a ground.

Left: Fluid paints using Open Medium, which is slow-drying, for soft feathering and blending.
Middle: Acrylics thinned with watercolor and painted on a ground of Coarse Molding Paste, which has a slightly granular and absorbent surface.
Right: Fluid paint dropped in Clear Tar Gel and then pushed around with a brush end.
Left: Fluid paint mixed with Soft Gel Gloss.
Middle: Heavy Body paint mixed with Extra Heavy Gel Matte.
Right: Fluid paint mixed with Molding Paste.
This is a very small sampling of what you can do when you use various mediums mixed in with your paint. The variety really explodes when you used various mediums as a ground to paint on - which I will explore in an upcoming artbyte.