Actually, I've found that my first reaction in any traffic situation is to get out of it, either by maneuvering or braking. I never seem to find time to honk (or even think about it) and I'm puzzled as to how others reach for it the first thing.
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I do both simultaneously. Both have saved me. There have been times where I immediately hit the brakes and horn when I saw someone doing something stupid (about to pull out into traffic, about to merge into me from another lane, etc) In some of these situations, the horn causes the other person to stop what they're doing and a collision that could not have been avoided solely by me braking, is avoided.