I have MODEL 110-110 mastercraft 230v welder and want to connect to 60 amp subpanel,welder has 3 prong plug,I have outlet box for 3prong,cable has 4 wires,red black blue green,I think I can connect cable red and black to 50 amp breaker,green to ground,blue tape white and connect to neutral bar.. is this correct, can I use 50amp breaker in 60amp subpanel, I have 5 -15 amp breakrs and 1-20 amp, will this be safe to do?

