Yes to all the above comments.....
I use Vallejo primarily, and agree you are adding too much water. Almost beyond a doubt.
My advice, your starting point should be straight up (unthinned), and go from there.
If you've read of folk using water to thin Vallejo, it's mostly for brush painting (I do that too). I tried using distilled water to thin Vallejo Air when getting started with poor results. Were I you, I'd follow the advice above and stick with Vallejo's own airbrush thinner and flow improver, period.
Also, if you are not used to using the little plastic dropper bottles, it is possible that your paint is not properly stirred/agitated and i suppose this could be adding to your woes. I do the 'roll the dropper bottle between my palms' trick to 'stir', and it has served me well.
Good luck on your quest, the product will work with some practice. Most of Vallejo woes I've read are new users mixing it with stuff they shouldn't be. Also, overthinning Model Air without realising it is ready to spray out of the bottle.
Keep us apprised, won't you please?