The keystore is where you put your keys. You will use these to prove who you are to your peer. This is most likely what is meant by "Custom Identity".
The truststore is where you put your trust anchors. These are the certificates that you already trust, and your peer must present you a certificate chain that ends with one of the certificates in the trust store. As a degenerate case, you can put the peer certificate itself right into this truststore.
This degenerate case must be used for self-signed certificates.
The keystore is where you put your keys. You will use these to prove who you are to your peer. This is most likely what is meant by "Custom Identity".
The truststore is where you put your trust anchors. These are the certificates that you already trust, and your peer must present you a certificate chain that ends with one of the certificates in the trust store. As a degenerate case, you can put the peer certificate itself right into this truststore.
This degenerate case must be used for self-signed certificates. For most normal SSL uses the truststore includes well know CA roots like Verisign, Thawte, GoDaddy, Comodo, GlobalSign, etc. The Oracle JRE include a truststore in a file usually named cacerts that contains a large collection of such CA roots that Oracle thinks should be there. This is most likely what is meant by "Standard Trust Store".
I'm guessing your peer is using a self-signed certificate. Therefore you should use a custom truststore containing this certificate.
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