How to set a STOP-LOSS on Bittrex/Binance

How do I set up a STOP-LOSS? Can I even do that on Binance?
I get this question a lot lately so I figured a little guide can be helpful.

I am not saying you SHOULD use a STOP-LOSS but it's an useful thing to have in your arsenal of tools for trading especially. The name is also a bit misleading, it's really just conditional trading that is mostly use for STOP-LOSS but can be used for a lot of other stuff: profit taking, re-entries...You name it! (and anyway, I will name it in this post so no need to make an effort ).

Let's get on it! Woo-hoo!! Learning is fun!!

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First: Bittrex.
You need to select the type of order: "CONDITIONAL".
Then you chose the condition that will trigger your order. Essentially you pick a price at which you want your order to be placed.

You will then have a few option for the conditions.

Let's see it in action. THE GOOD OL' SHOW DON'T TELL!.
Let's say you bought STEEM at a btc price of 0.0004600. You think thta if it goes under 4400 you must sell. So you set a stop loss there.
In your mind the thing is: If the price is under 4400, sell all my steem.
In bittrex is;
condition: less than: 0.0004400
order: sell all steem
at price: 0.0004400
It looks like this:

Under "total" you see how much you will receive.

Once you keep "place order" Bittrex will confirm and please always check!!! You don't want to put the condition "greater than" and sell at 4400 when the current price is 4600. Not that anyone ever did that...ever. Yeah, no.

You can play with conditional in many ways. You can for example place your sell order only after a certain price, this way your order won't appear in the book so traders won't know it's there and you won't affect their decisions.
Or, you can place BUY orders with conditionals.You can buy a coin only after the price dips under a certain price, or only after it goes over a certain price. The options are limitless. Play with it!!

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On Binance

Things are very similar but a little different on Binance.
The logic is the same but the syntax is a bit different. Imho, easier to use as it's clearer but some might not agree.

You will need to go to "STOP-LIMIT" tab in the order.

Notice that there's a different tab altogether not an option in the new tab!
Secondly notice THE NICE SMALL FEE! because Binance has 0.05% fee vs 0.25% On Bittrex.
Lately I sound like a broken automaton but JOIN BINANCE!!

Here the STOP is the conditional. When the price is whatever you say in STOP, it will place your order at the price you set in LIMIT. It makes a lot of sense.
What I like the most is that the confirmation message is very clear as well.
Like with XLM here:

It's very hard to mess it up.
I never could
cough cough.

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That is it!
Ways to use this new tool will naturally manifest in your trading strategy now that you know how to use. I know this happened to me. First I was scared it will place my orders by mistake and lose coins then I got used to it and now I use it a lot.
One thing I notice is that you need to set a few stop losses that will hit to get used to it. We hate loss and it's hard to let the S-L just go down...however, it is part of the trading education.

Comment below with questions and feeback! Thank youuuuuuu!