220v 10/3 extension cord to a 4 hole outlet??

[claycarr]

I am wiring an extension cord for a Woodmaster 718. The male end of the Woodmaster is a 3 prong plug. I have a 4 hole outlet for my dryer. I am better off to rewire the outlet and dryer to a 3 hole outlet or use a 4 prong plug using only 3 wire since I am using 10/3 for my extension cord (i only have a red, black and white cord)?

 

[roger]

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Roger