I do not believe retail investors are like a "herd of stupid sheep"; please do not put words into my mouth. I believe some retail investors attempted to "prote

I do not believe retail investors are like a "herd of stupid sheep"; please do not put words into my mouth. I believe some retail investors attempted to "protect their positions at a reasonable level" by using the wrong tool, namely, a "stop loss" order (which provides a sale at any price) rather than, say, a "stop limit" order (which provides a sale with a price floor.) This was a bad decision on their part, which in the case of the "flash crash" led to them offering their stocks at bargain prices (like Accenture for a penny.) Simply using the right tool would have protected these investors from taking such severe portfolio hits.