Velvet Oodinium
This is a parasite, but it is not as common as Ick/Ich. Velvet appears as a rust colored parasite which is very small and often difficult to see. It is usually clustered very heavily on the fish, forming sort of a rust colored blanket. Velvet attacks your fish very quickly and could even wipe out a tank in a matter of 2 days. To be honest, I have not come across an effective treatment. If I had an outbreak I would attempt adding salt and using copper in combination with Malachite Green. I would also raise the temperature and would do a 80% water change.

Ick/Ich White Spot
This is also a parasite which resembles grains of salt on your fish. At first the white spots are small, usually present within the gills of the fish. Your fish may breathe heavily or scratch against decorations in an attempt to remove the parasite. Within a day or two the parasites will have grown and multiplied, covering the body of the fish with tiny white spots. There are many techniques available to fight off Ick/Ich. The most common involves using copper sulfate, which kills free swimming parasites. Copper is very effective but can be stressful for your fish, especially scale less fish. Copper can also have a negative effect on your biological filter bed, if your tank is not very well established. It is also not healthy for your live plants. A good alternative is to use Malachite Green. Malachite Green is commonly sold in pet stores, usually in combination with Formalin. Some common medications include Noxich and QuickCure. I have had excellent luck with both of these products. You should still use precaution when treating tetras or scaleless fish, although these products are safe with Live Plants. The usual recommendation is to treat at 1/2 dose for sensitive fish. Another method for treating Ick/Ich which can be useful is to slowly raise the temperature of your aquarium to a little above 30°C. This will dramatically speed up the life cycle of the parasite, driving it out of the system. However, this method relies on your fishes immune system to fight the disease. Many hobbyists also advocate the use of salt to fight off Ick/Ich. They recommend adding 1 tablespoon of salt to 3.75 liters or 1 gal of water. This will effectively irritate the skin of your cichlids, causing them to produce and excessive amount of slime. The slime coat serves as a protective layer to fight off parasites. I personally do not believe in this technique or any technique which causes unnecessary stress on the fish. There are other techniques available which are just as effective.

Bacterial Infections
These appear as red patches or streaks on the body of your cichlid, or sometimes appear as damage to the fins of the fish, such as "fin rot". Bacterial infections are almost always due to poor, declining water conditions. This does not necessarily have to be high levels of ammonia, nitrite, or nitrate. Lack of regular water changes will result in increased numbers of pathogens and other disease-causing organisms which thrive in neglected aquariums. Bacterial infections are also commonly associated with parasite infection, as a secondary infection. I wouldn’t recommend medicating for a bacterial infection as a series of partial water changes can usually eliminate the problem. Medicating can also have an adverse effect on your biological filter, as medications will not distinguish the good bacteria from the bad.

Fungal Infections
A fungal infection appears as a white cotton growth on the body, fins, or eye of your cichlid. The majority of white spots you see on your cichlid are going to be parasites. If you have a fungal infection then I would recommend not treating it at all. A true fungal infection is practically harmless to your cichlids and should be cured successfully by your cichlids immune system.