first advice:
some additive is needed to ensure low wear and high intervals in cleaning/lubing. get some ceramic additive. hBN = hexagonal boron nitride.
teflon (PTFE) does not work too well on it's own - will not stay put.
stay away from molybdenum disulfide as it causes galvanic corrosion, especially in wet conditions.
second advice:
mix polycrystalline wax with some paraffin oil if you want to make your own concoction. and don't bother with solvents if you can dip the chain in warmed up wax.
third advice:
look for some lube that has these things in it as it probably also has lithium stearate which helps minimize wear and corrosion. get the ingredients only if the market does not the right product for you at a reasonable price. getting all the right ingredients can be harder. just because famous brands are overpriced does not mean you don't have a chance to find some efficient and cheap product even though intended for a different market (label).
last advice: don't dry rub the goo from the external part of the chain. you will push the trapped dirt inside the chain this way. and it's better to keep a film of sticky goo outside the chain and not attempt to rub it off even if dirty. the right grease should not take dirt in by constantly flowing. use rags etc. only if you previously have used some liquids to wash the outside dirt from the chain.
use some isopropyl+ethanol/methanol mix as a first step in cleaning the chain. maybe use water first - if you are cheap - but use alcohol to help dry out any water residue.
after greasing the chain rub it with some cloth but don't overdo it. and ignore the chain until it begins to feel dirty/dry on the inside. ignore the dirt on the outside.