Yep. You need to create 5 or 6 GCPs (fixed features on the ground that are present in both the basemap and the processed map).
You can read more about Manual Realignment here:
That being said, the flight trace looks like crap... Was it windy? You are using super high overlap (unnecessarily so) which I am sure slowed the flight down a ton. This makes it more susceptible to winds. Erratic flight makes for erratic data. You might have something going on with your GPS or something.
It does look like you had some wind related errors: