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Is making a custom cable as easy as it sounds? Buy a connectors, wire, a shield, and plugs and put it together? How much cheaper does it end up being then if I were to buy it somewhere else?
If so could someone point me in the right direction for where to start?
There are a lot of variables in answering your question. In theory, the answer is Yes, it is as easy as it sounds. You purchase the require materials and you assemble them in the proper configuration. The first set of variables are the different materials you purchase: The wire, the connectors, the sleeving (if you use any), etc. Some wire is less flexible and harder to work with. Some wire has coating that must be removed in order to be able to solder properly. Some wire and connectors require precision in order to solder them properly, even requiring an extra pair of hands to help. Additionally, some wire and connectors don't take well to some solder and might require some patience, liquid flux, etc.
Braiding the wire evenly is also something that many have problems with. You have to plan on the proper length of your wires, and know that the length will change when braided (depending on the type of braid and number of wires).
So, in short, it really comes down to your experience(practice), skill with the necessary techniques, and knowledge of the components you will be using.
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It can be cheaper, or far more expensive depending on how you calculate the cost.
Do you already have a soldering station, tips, solder, wick, wire cutters, wire strippers, etc?
Having to buy all the required materials, not including wire, connectors, sleeving, can be very expensive if you don't already have them.
Then the materials vary greatly in price. Do you want copper, silver-plated copper, pure silver, pure silver + gold wire, do you want it cryo treated? The cost increases greatly.
Connectors are no different. There are numerous different types/brands with differing costs. And depending on your location, shipping might be expensive.
None of this even factors in your time. Learning is going to require a bit of time and patience. A few hours of your time might be worth more than the cable is.
In the end, if you just need 1 or 2 cables, you're probably better off just finding one you like from a professional and buying it.
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There are great guides all over Head-Fi. I'll let other link them, or you can search. Good luck.