Manual Price Update
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The manual price update can be used in a couple different uses as listed below.  To manually set a price right click on the stock transaction in the open trades list and then select 'Set Price'.  Here you can select whether or not the price update is manual or auto, or set the value. 

Its main use is to set a price on stocks which will not auto-update from the web such as stocks on exchanges which are not listed.  In this case you can set the stock exchange to 'Other (Manual Update)'.  Any stocks set with this exchange will not try and update the price over the internet. This allows any stock or fund to be entered into Portfolio Manager.  If you have a stock which won't update for some reason you can switch it to manual price update by switching it to manual update, even if its set on your normal stock exchange.

The other use is more of a 'what if'.  What would your portfolio look like if a stock reached your target price.  Here you would set the price of the stock your interested in so you can temporarily see how it would effect your entire portfolio.  There are two ways of doing this.  You can force it to only update manually, or you can just enter in a price and leave it set to auto.  This way the next time it updates the prices over the web it will also update that stock.  This makes it quick and easy to check certain stocks.