Granted I'm an new person here reading the posts on the machines. I have read many time is several places to download the manual and read it "BEFORE" your machine arrives. Lots of things to get ready while waiting on the UPS truck. Unless you are using 3-phase power, the red wire gets insulated. Don't connect the common on the walll plug. Now it to reinforce the point that Ray and Mike are making. If you are using a NEMA 50A, what type. You can choose from 6-50R, 10-50R and 14-50R. You see, there is not standard for a 50A welder plug, just standard NEMA plugs. Choose one and learn how to wire it.
Lincoln Weld-Pak 100 (C-25 or CO2 Shield)
Victor Oxy-Act
Lincoln AC225 Tombstone
Everlast 250EX & W300 Cooler