A plasma torch is provided having an electrode with a frustoconical end portion. The electrode is received by a plunger during a contact start sequence of the plasma torch and is self-releasing from the torch. The electrode may include a shoulder portion that provides concentric alignment and centering of the electrode with respect to the central longitudinal axis of the components. Other components of the torch include a nozzle, a swirl ring, and retaining cup, such that the consumables of the torch may be toollessly removed and installed.