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Readers beware - unlike many other exercises, there is no absolute consensus as to what a stiff-legged deadlift looks like. The term is used to describe at least a few quite different exercises.
The SLDL described here is primarily targeting your lower posterior chain: hamstrings, glutes, and erector spinae in particular. As well as obvious strength benefits, this exercise will improve your hamstring flexibility and your core strength. These are two areas that almost invariably need work for those new to weight training (and indeed even for many who are relatively experienced.)
The videos on this page are the best place to start. A few basic tips:
Start with a slight bend in your knees.
Keep your back straight. Above all do not allow your lower back to round.
Let the weight of the barbell pull you down and keep going down as far as you can without compromising that straight back. This may not be very low when you are starting out - that's okay.Get a good stretch in the back of your legs every single rep, including the warm-ups.
You will be getting lower each and every session.
Improving your hamstring flex is important for your future training in a lot of exercises. It will help your squat depth and that is reason enough to devote a lot of effort to it.
Over time, your flexibility will be such that the barbell plates may touch the floor. That's okay. Even better, though, is if you have a platform to stand on so that you can continue to improve your flexibility still more.