Yes the castle link wire plugs into the ESC cable that goes to the receiver, make sure brown is on the brown wire, orange on the orange wire.
Best to check www.castlecreations.com
for latest castle link (v3.12) and firm ware for your monster, download those instead of using the disk.
First time I installed had to unplug my LAN or Internet cable so it would pick up the ESC and not look for hardware drivers on the Internet.
It should power up as soon as the wires are connected, you do not have to turn the ESC on.