Notification Questions

[jgh7]

The main thing I'd like is to receive notifications when someone has replied to a post of mine, or if they have quoted me.

So far, all I know how to do is watch a topic and receive notifications when any new replies happen for it. At the bottom of each thread I see two options.

1) Notify when a new reply is posted
2) Notify all post replies in topic

I'm confused on the wording and I'm not sure what the difference between the two are.