Extremely stupid question

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How do you do a burn out? Just hold the brake all the way down and hit the gas? It seems like that would be bad for the brakes wouldn't it?
BTW: I only just got my license so I'm not experienced which is why I ask such stupid questions

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I drive a 88 Mercury Tracer, it's yellow and rusty.. Please send money for a Mustang!
www.tf2central.com/junk/mycar.jpg