It deoends on how you cast on. :teehee: (Well, really, the order of the stitches on the needle.)
To a large extent it doesn't matter. I was slightly neurotic, when I did mine, about making sure that the cast-on stitches alternated R W R W, since I wasn't happy with random ordering -- in that case, I had a white first stitch, so that the RS stitches were red (contrasting with the white of the first row) and the ...other-RS stitches were white (again contrasting). You could also do it the other way around for an elongated color area on the first row, or have it random if that's easier. It has a minor visual effect on the end product, but doesn't change how you knit, since after you complete the first row you'll have the colors in the correct places.