If you're a regular air traveler, you've likely found yourself in a 'holding' situation. Holding occurs when an aircraft executes multiple 360° turns to avoid other planes or to await clearance for landing. While it's less common nowadays, especially with advancements in air traffic control, you might still face a holding scenario, particularly if you're a pilot training for an instrument rating. This guide is written from a private pilot's perspective and assumes familiarity with aircraft navigation equipment like VORs, DME, and NDBs.
Steps

Identify the Holding Fix. ATC will instruct you to 'hold north of SKIER intersection as published' or provide specific holding directions like 'hold south-east of Falcon VOR on Victor 366, left turns.' You can locate the holding fix on an instrument flying chart, typically at an intersection of Victor Airways, a VOR (Very high frequency OmniRange station), or an NDB (NonDirectional Beacon).

Understand the Holding Course. This refers to the position relative to the holding fix where ATC wants you to hold. They might say 'hold west on Victor 8' or 'hold on the Kremmling 260° radial.' It's essential to be well-versed in VOR and NDB radials and bearings before attempting holding patterns. The holding course is the direction to fly towards the station, always the reciprocal of the radial or bearing from the station (e.g., a 260° radial translates to an 080° Holding Course). To quickly determine this, mark a dot for the Holding Fix on a piece of paper, draw a line towards the radial or airway for holding, and point an arrow towards the station to identify the Holding Course.

Illustrate the Holding Pattern. After determining the Fix and Course, envision or sketch a representation of the holding pattern. Ascertain if it's Standard or Non-standard. A conventional pattern involves right turns, while a non-standard one involves left turns. Non-standard patterns are either marked as left turns on the chart or ATC will inform you of a 'non-standard pattern' or 'left turns.' Start from the Holding Fix, execute a 180° turn in the specified direction (left or right), continue along the line parallel to the Holding Course, and complete another 180° turn to align with the Holding Course. This results in the renowned 'racetrack' or Holding Pattern.

- Parallel Approach: Approach the holding fix from within sector (a), turn to a heading to match the holding course outbound on the non-holding side for the specified duration (refer to step 5), execute a turn in the direction of the holding pattern exceeding 180 degrees, and return to the holding fix or intercept the holding course inbound.
- Teardrop Approach: Approach the holding fix from within sector (b), turn outbound to a heading 30° off the holding course on the holding side for the specified time, then execute a turn towards the holding pattern to intercept the inbound holding course.
- Direct Entry Approach: Approach the holding fix from within sector (c), head directly to the fix and execute a turn to follow the holding pattern.

Time the Legs. The pattern should be flown with the Inbound Leg lasting one minute if flying at or below 14,000 feet (4,267.2 m) Mean Sea Level (MSL) or one and a half minutes above 14,000 feet (4,267.2 m) MSL. At the holding fix, execute a 180° turn at a standard rate (3°/sec) in the direction indicated for the pattern (standard or non-standard). Once you're abeam the holding fix (or after completing the turn if abeam determination is not possible), commence timing the outbound leg. After a minute (1½ minutes above 14,000ft), execute another 180° turn in the same direction to align with the holding course. Time the inbound leg until reaching the holding fix. In the absence of wind, the inbound leg should be one or 1½ minutes as appropriate. Otherwise, adjust the outbound leg to ensure the inbound leg is the correct duration. For instance, if flying at 12,000 feet (3,657.6 m) and the inbound leg takes 45 seconds after a one-minute outbound leg, make the next outbound leg 1 minute and 15 seconds. Likewise, if the inbound leg is 1 minute 30 seconds, reduce the outbound leg by the excess 30 seconds.
Ensure not to initiate the outbound leg timing until directly abeam the holding fix.
Ensure not to initiate the outbound leg timing until directly abeam the holding fix.

Maintain Your Airspeed. Unless indicated otherwise on a chart or directed by ATC, the maximum holding airspeed between the minimum holding altitude and 6,000 feet (1,828.8 m) is 200 knots indicated airspeed (KIAS). Between 6,001 and 14,000 feet (0.0 m), maintain a speed no greater than 230 KIAS, and above 14,000 feet (4,267.2 m), the maximum airspeed is 265 KIAS.
Wind Corrections

Adjust for wind to achieve the correct inbound leg duration. If the inbound leg is shorter than the prescribed duration, extend the outbound leg by the differential. If the inbound leg is excessive in duration, curtail the outbound leg by the surplus time. For instance, when flying below 14,000 feet (4,267.2 m), if the inbound leg takes one minute, 45 seconds, adjust the outbound leg to 15 seconds (subtracting the extra 45 seconds from the inbound leg).

Triple your crosswind correction on the outbound leg. If you have a 10° crosswind correction to hold your track on the inbound leg, fly the outbound leg with 30° correction. Maintain standard rate turns.
DME Holding

Some holding patterns require the use of Distance Measuring Equipment (DME) or GPS Along-Track Distance (ATD). The basics are the same as above except a DME distance is used as the holding fix.

Enter the pattern as appropriate (teardrop, parallel, or direct).

Initiate the turn to the outbound leg at the designated DME/ATD point.

Conclude the outbound leg and commence the inbound leg at the specified distance rather than timing the leg. For instance, when holding at the 10DME point to the navaid and flying 5-mile (8.0 km) legs as instructed by ATC, conclude the outbound leg at 15 miles (24 km) DME (refer to the diagram above).
If holding away from the navaid, deduct the leg length from the holding fix. For example, if holding at the 20DME fix and flying away from the navaid, conclude the outbound leg at 25DME.
If holding away from the navaid, deduct the leg length from the holding fix. For example, if holding at the 20DME fix and flying away from the navaid, conclude the outbound leg at 25DME.
Pointers
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Swiftly sketch the holding pattern on a notepad to enhance situational awareness.
Cautions
- All turns should be executed on the holding side to prevent potential terrain or obstacle conflicts.