Build a basic wall or fence of poured concrete, concrete blocks or wood panels. Make a foundation for concrete or blocks wider than the width of the finished wall or fence to provide a protective area for the plaster or stucco finish. Make a wood wall with posts set in concrete and sheathed with plywood or oriented strand board; put sheathing on both sides of the wall or fence.
Staple a waterproof membrane with a construction stapler over a wood-sheathed wall, then fasten metal lath on the wall with galvanized nails and a hammer. Apply plaster or stucco directly on a masonry wall. Install metal "weep screed" at the bottom of a wood wall, a wire mesh material that will allow any moisture that gets behind the stucco to drain away. Leave a gap on a masonry wall footing so the stucco surface will not be in contact with the ground.
Apply stucco in a traditional three-coat system or a newer "one-coat" system, which actually uses two coats. Spread the first, or scratch, coat about 3/8 inch thick with a rectangular mason's trowel. Let it set up, and scratch horizontal lines in it with the notched edge of the trowel, a broom or a leaf rake. Skip this step in a one-coat process. Let the scratch coat cure at least 24 hours, keeping it slightly moist during the curing.
Spread a second coat, also about 3/8 inch thick, over the scratch coat; this is the first, or base, coat in a two-step system. Smooth this coat by pulling a straightedge or long board down the surface from top to bottom. Remove the excess material scraped to the bottom of the wall or fence. Cure this coat for 24 hours, also keeping it moist during the process.
Finish the wall or fence with a 1/8-inch coat of stucco plaster. Use either a rectangular or pointed mason's trowel. Spread the material smooth, then add any desired texture; stucco fences and boundary walls usually are finished with naturally uneven textures and are not absolutely smooth. Let the finish coat cure, and paint it if it was not colored in the mixing.