Hello.

How the wires on the back of your alternator should be hooked up is a black wire with a red stripe on the grd post, a fatter black wire with a yellow stripe on the bat post, a white wire on the fld post, and a white wire with a black stripe on sta post. The wire on the stator post is for idiot light cars, and isn't used on cars that don't have the warning light. This might help. This is for 65/66 cars, but, the 68s are essentially the same. The voltage regulator is in a different location, but, the basic wiring is the same, unless you have a Shelby. If that's the case, you will have a junction block with two wires that the Mustangs don't have. A big wire goes straight from the hot side of the starter solenoid in to the console amp gauge. Another wire comes back from the gauge to the junction block, and a wire goes from the junction block to the bat post on the alternator.
The Care and Feeding of Ponies: Alternator and charging system