To use the stopwatch con to obtain speed, you need to do two bearing/ranges fixes with a period of time between them.
You can also mark the ship's position on the map. Wait three minutes, and mark the position again. The distance will give you the speed. If the ship traveled 700 yards, the speed is 7 knots. If it traveled 2000 yards, it traveled 20 knots. Every 100 yards traveled in three minutes is one knot of speed.
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