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The hose to the torch is also the cable that carries welding current, whether it looks braided or not. Mine is like that, and every other TIG machine I've seen and/or used is like that. The big ones even have water flowing around the cable and through the torch to keep them cool while carrying currents like 300 amps, so you can have a nice, lightweight cable and torch when doing big welding jobs.
Reverse polarity is normally done with controls on the machine, but I don't know if all cheap machines provide that feature.
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