"Most people who might have been burned by the flash crash were only doing what they had been taught was the 'correct' thing to do." Precisely, which is why I posted my very contrary opinion. Most of us who have been burned badly once or twice by following "correct" procedure (or simply observed others being so burned) learn to adjust our thinking as to what is correct. Flash crashes, either mini- or maxi-, in individual stocks are all too common. That flash crash in the entire market out to have been a clincher as to the wisdom of stop sells, although anyone is certainly free to argue otherwise.
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