Aqueous dispersion is colour pigment suspended in water. Before it can be used as paint it must be mixed in with emulsion. PVA can be used, but acrylic emulsion is more appropriate.
The emulsions come in matt, gloss, gel matt, and gel gloss. Two different types of thickener can be mixed in, polymeric thickener, and colloid. The colloid gives a consistency more like the acrylic you buy in shops, while the polymeric thickener adds body. Too much polymeric thickener can make the acrylic more like plaster. Without going overboard with it, it can be thinned down again to create a lumpy paint which is good for texture.
As they stand, the emulsions, depending on the pigment used, are usually translucent. To counter the translucency a base can be added to the emulsion, before the pigment, in varying degrees.
Despite having around twenty different pigment colours, I do not often use colours straight out of the jar. I place appropriate amounts of aqueous dispersion pigment of the colours I want to mix, onto a palette, and use a palette knife to mix them together. Once I am satisified the pigments are thoroughly mixed it is time to add the emulsion mix and thoroughly mix together.
The finished paint is then transferred to a jar for storage to be used when needed.