Have you read the article ESCs Lessons Learned on the NTXBG.org knowledgebase? STRONGLY suggested reading for someone new to ESCs.
For instance should you or should you not clip the red wire - guessing wrong can fry your ESC.
Cap the motors? You bet your bippy you should.
Lots of other things. Save yourself a very expensive learning curve - read, and understand, the article (and the EXC's manual) before proceeding.