In a medium saucepan, stir together all of the ingredients except liquid smoke.
Bring to boil over medium-low heat, whisking regularly.
Once at a boil, reduce heat to low, and let simmer 30 minutes, stirring regularly.
Stir in liquid smoke to taste.
Let cool to room temperature.
Transfer to a container, and store, covered, in the fridge for up to 1 month.
Notes
Ketchup: Any type of plain tomato ketchup should work.
Molasses: I don't recommend using blackstrap molasses in this recipe because it's bitter. Feel free to use mild or robust molasses.
Dark brown sugar: Using dark brown sugar gives the sauce a richer flavor. You can use light brown + a touch more molasses if you don't have dark brown sugar.
Ancho chile powder: I like ancho chile powder because it's milder and smokier than regular chili powder.