A welding system is disclosed for performing a short arc welding process between an advancing wire electrode and a workpiece. The system comprises a power source with a controller for creating a current pulse introducing energy into the electrode to melt the end of the electrode and a low current quiescent metal transfer section following the end of the melting pulse during which the melted electrode short circuits against the workpiece; a timer to measure the actual time between the end of the pulse and the short circuit; a device for setting a desired time from the pulse to the short circuit; a circuit to create a corrective signal based upon the difference between the actual time and the desired time; and, a circuit responsive to the corrective signal to control a given parameter of the current pulse. Also disclosed is a strategy for arc welding utilizing a cored electrode that produces welds with low levels of contaminants and which are strong, tough, and durable. The arc welding process generally utilizes an AC waveform. The cored electrode can be a self-shielded flux cored electrode (FCAW-S). Various electrode compositions are described that are particularly beneficial when used in conjunction with an AC waveform.