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Adding to what Megan said, the good bacteria that help cycle a tank live in the gravel, plants, and decorations. Very few of them live in the water, so water from an established aquarium will not help near as much as a cup of gravel from it. Check some of the posts and blogs on this website for lots more details on the nitrogen cycle. A few commercial products are sold to speed up the nitrogen cycle, but I have no personal experience with them. Gravel, live plants and some flake food always seem to work just fine. No matter how you cycle your aquarium, remember to check for ammonia and nitrite before adding delicate fish.
And speaking of fish, cichlids and mollies are not a good mix. They require different water conditions, and cichlids tend to be aggressive.