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It is roughly based on triangles: The arms are taken in and form a triangle with the chest to give lateral stability. The body, the outstretched arms, and the string form a vertical triangle. The only disturbance comes from rotating in the hip and (negligible) sways back and forth. Both can be excluded by leaning against a wall.

And yes, I have seen photographers put a (larger) loop under both feet to get a triangular string. In my opinion, though, the required stance with legs spread apart is less stable than "my" technique with one foot in front of the other.

As so often in life: whatever melts your butter, just as long as it works for you. So try both.

BTW, for those taking panoramas, the string also comes in handy: put a weight on it, place a marker on the floor, and rotate the camera around the plumb line.

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