Help with converter wiring

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I have a 65 Overlander, I wired the progressive dynamics 45 converter with the large red and large blue into the positive terminal about 3 1/2 years ago. I had a problem this weekend with burning wire smell, for one the battery checked out bad. Where is red wire supposed to be hooked?

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I figured out the problem, a wire from one of the reading lights came out of the nut, grounding against inside skin! While I'm at it I am replacing the 52 year old 12v breaker panel.