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How to quickly regain your balance
Plant your airborne foot.
Unless you get knocked off your feet by a very strong force, you will likely still have one foot on the ground when you begin to fall. If possible, bring your airborne foot to the ground as quickly as possible.
It is much easier to stabilize yourself on two feet than one. This might not be enough to save you from falling in situations where the ground is slippery (say, an icy sidewalk) or the ground is uneven or sloped.