You know I was about to write an article about this, but with a slight different angle, that it is horrible that exchanges won't allow us to set an order that has a take profit AND stop loss in it.
Consequences are:
If you set the stop loss, you will have to monitor the market movement to be able to sell at a good price.
If you set a take profit, you will have to monitor the market movement to prevent from falling into huge losses.
Either way you have your eyes glued to the screen. This is extremely stupid.
Kraken had an order type like that but pulled it off. /facepalm.
I'll write a more detailed article on this soon.
RE: How To Set A Stop Loss On Bittrex