I'm no big authority (this is the Internet, after all
) But I think that as long as it is on the threads of either, it shouldn't make any difference. Getting rid of any oil on the threads is important, however.
For ease of use, I mostly use blue LockTite that comes in a tube and that you twist out like lip balm. I hardly, if ever, use the red as it is for permanent fixings. I hardly ever use the liquid LockTite as I feel I end up wasting a lot and it's pretty expensive. My blue may be the equivalent to your green.
In any case, there are several youtube videos and other sources on proper use of LockTite.