Yes, there are 2x Blue w/White striped wire's coming from your main loom, only 1 of them is used on you pit bike, the other can be taped back onto your loom (it isn't needed).
The Blue w/White striped wire comes up from your stator with 5 other wires they are Black w/Red stripe, a Green, Yellow, White, and a Green w/Red stripe.
If your bike doesn't have a battery and or light's you don't need to connect the Yellow, White or the Green w/Red stripe wires to anything, they can be taped back onto the loom with some insulation tape, so that they aren't just hanging there loose.
There will be a Black w/Yellow stripe wire and a green going to another plug for the Ignition coil.
Where the Green wire meets the coil, sometimes it is connected to the coil mount, this is the wiring looms' earthing point.
So make sure that the bolt hole on the frame is bare metalled with some sand paper so the the loom gets a good earth.
If you run this type of Ignition coil then you will need to add an extra earth wire from the green terminal on the coil to the coil mounting bolt, where it earth's to the frame
You can smear a thin layer of grease on the bare metal to stop it rusting and causing bad earth's late, bearing grease is fine, or you can use Dielectric Grease (bulb grease) which is designed specifically for the job or wiring connection's etc
Do you have a seperate kill switch mounted on your handlebars ?
If so then you can connect the 2x wires to the Black w/White and Green on the main loom, and press the button to kill the engine.
To use the key switch as well, you could connect that to the second set of Black w/White and the Green wires and use that too.
The key switch's can be unreliable, or the key get's lost etc, so most people take them off an not use them