Slight problem James - no binder. The binder is the \'glue\' that holds paint to a surface, pigments alone will just fall off.
One can make your own paint from dry pigments, I know a number of people who do this although none of them are modellers; I\'ve done this on a very limited basis to make my own metallics from aluminium and bronze powders on a job-by-job basis.
This can work out very economical and you are able to tailor the final product to your own tastes to a degree, but making good, workable acrylic/vinyl paint is among the more difficult types I\'m afraid and I wouldn\'t really recommend it - commercial acrylics are a blend of many ingredients including the pigment, acrylic or vinyl co-polymer emulsion, humectant, rheology modifier, anti-fungal agent, anti-foaming agent and so on.
If you want to try this I can give you a few URLs for where you can pick up dry pigments but I would recommend dispersions instead because many modern synthetics are difficult to wet with water by hand (although there are ways around this). Another possible problem is you\'d be buying colours like Cadmium Yellow Pale, Quinacridone Rose, Phthalo Blue GS so you\'d have to learn which pigment is what colour, plus there are no convenience mixtures like you might be used to in hobby paints.
Einion