Power Tig 250EX Power Cord Connections

Hi Guys quick question about the 250EX power connections. I just pulled my 250EX out of the box and bought a 50A dryer plug (NEMA 14-50P) that mates up to the 220 receptical in my garage. I think I have the plug wired correctly but would like to be sure before I plug it in and turn my shinny new welder into a black mess. The welder cord has four wires in it; black, White, red and Green. The black and white wires are labled 1 x 220V. I have these wires connected to the two dryed plug pins that make it back to the two phases coming off of my 220v breaker in the electrical panel (the black and red wires). The green ground wire from the welder is connected to the "return" white wire going back to the panel. What do I connect the unmarked Red wire from the 205EX welder to? Is this red wire used in the situation where you are using three phase power? If this is the case should I just insulate the end of the red wire comming from the welder so it can't short to anything inside the dryer plug? Thanks in advance for any help.

Chris

The red wire is for a three phase. Just snip it back and tape it off.
Seems like everything else is good.