I feed mine twice a day, as smaller frequent feeds are best. I feed flakes in the morning and pellets at night. Cichlids require some green food... they do eat algae. Spirulina is a good option for green food. Flake food gives a combo of plant and animal protein. Avoid feeding high fat and high meat protein. I've read that blood worms can cause Malawi bloat so I only feed that occasionally.
Ashmar - what size tank do you have and how big will your cichlids grow? I have a 29 gallon with two blue kenyis and two yellow labs. I will definitely have to re-home the kenyis or get a bigger tank.