An air cooled plasma cutting torch, said torch comprising: an electrode having a hafnium insert for originating a plasma jet for cutting a workpiece; a nozzle having a main cylindrical portion and a truncated cone portion downstream of said main cylindrical portion, wherein said truncated cone portion directly transitions to a distal end surface of said nozzle, wherein said truncated cone portion has a throat for the passage of said plasma jet during cutting, wherein said main cylindrical portion forms a cavity into which at least some of said electrode is positioned such that a gap is formed between said electrode and said main cylindrical portion, and wherein said truncated cone portion has an angled outer surface which is angled relative to a centerline of said nozzle by an angle in the range of 30 to 60 degrees, and wherein said throat couples said cavity with said distal end surface of said nozzle; wherein said throat has an inlet and an outlet defining a length; wherein a ratio between said length and a diameter of said throat is in the range of 3 to 4.5, wherein said diameter is the smallest diameter of said throat; and a shield cap having a cylindrical portion and a shield cup truncated cone portion which has an end surface, where said shield cap truncated cone portion has a hole through said end surface for the passage of said plasma jet during cutting and said shield cup truncated cone portion directly transitions to said end surface; wherein said hole has a diameter (Ds) which is in the range of 1.25 to 4.1 times the smallest diameter of said throat; wherein said shield cap cylindrical portion forms a cavity into which at least some of said main cylindrical portion is inserted so that another gap is formed between said nozzle and said shield cap,, wherein said shield cap truncated cone portion has an inner angled surface which is angled relative to a centerline of said shield cap by an angle which is larger than said angle of said angled outer surface of said nozzle, wherein said another gap is between said inner angled surface of said shield cup truncated cone portion and said angled outer surface of said truncated cone portion of said nozzle and decreases in a downstream direction. an electrode having a hafnium insert for originating a plasma jet for cutting a workpiece; a nozzle having a main cylindrical portion and a truncated cone portion downstream of said main cylindrical portion, wherein said truncated cone portion directly transitions to a distal end surface of said nozzle, wherein said truncated cone portion has a throat for the passage of said plasma jet during cutting, wherein said main cylindrical portion forms a cavity into which at least some of said electrode is positioned such that a gap is formed between said electrode and said main cylindrical portion, and wherein said truncated cone portion has an angled outer surface which is angled relative to a centerline of said nozzle by an angle in the range of 30 to 60 degrees, and wherein said throat couples said cavity with said distal end surface of said nozzle; wherein said throat has an inlet and an outlet defining a length; wherein a ratio between said length and a diameter of said throat is in the range of 3 to 4.5, wherein said diameter is the smallest diameter of said throat; and a shield cap having a cylindrical portion and a shield cup truncated cone portion which has an end surface, where said shield cap truncated cone portion has a hole through said end surface for the passage of said plasma jet during cutting and said shield cup truncated cone portion directly transitions to said end surface; wherein said hole has a diameter (Ds) which is in the range of 1.25 to 4.1 times the smallest diameter of said throat; wherein said shield cap cylindrical portion forms a cavity into which at least some of said main cylindrical portion is inserted so that another gap is formed between said nozzle and said shield cap,, wherein said shield cap truncated cone portion has an inner angled surface which is angled relative to a centerline of said shield cap by an angle which is larger than said angle of said angled outer surface of said nozzle, wherein said another gap is between said inner angled surface of said shield cup truncated cone portion and said angled outer surface of said truncated cone portion of said nozzle and decreases in a downstream direction.