We leaned heavily on advice from WP beginner in this article – http://www.wpbeginner.com/plugins/how-to-install-and-setup-w3-total-cache-for-beginners/
Basically they recommend that you enable Page Cache and Browser Cache which are enabled by default. You do not need to enable database caching or object caching or minify.
Browser caching is enabled by default but there are some settings to enable in browser caching.
- Disable cookies for static files