I suggest not listening to some of the posts here. You HAVE to by code wire the (in this case welder) per the plug being used. MOST welders use the 220v 3 prong 50 amp plug. (hot lead hot lead and ground no neutral.) also used to be referred as a stove plug. This is a 50 amp plug and the wiring feeding that plug MUST be approved to handle 50 amps continuous! if the welder needs it or not!
depending on the wire used you more than likely will need to use 6 GA wire. 8 ga is rated usually to 45 amps ONLY...
Mark M
p.s. I guess you don't HAVE to do anything, but if there is a fire and the insurance finds that there is something wired wrong that YOU did you are finishing paying the mortgage not them

. also if you were ever SELL the place and the next inspector found this plug (this is a place that most home inspectors see a 50 amp plug they will WILL look to make sure the wiring to that plug was correct. it is same if you put in 20 amp outlets you have to by code use 20 amp rated wire (12 gauge that is)
so if you want to risk burning down the place then by all means wire the plug as you see fit. I say this only because most people think that doing electrical work is some thing that any tom dick or harry can do. and that is why every home needs to have an independent inspection done by the people LOOKING at buying it not the person selling it or the Realtor as the Realtor only gets paid if the place sell...