How do you deal with your childs angry outburst?

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My 3 yr. old son has come into his own little attitude since turning three. He is a very sweet loving little boy until you tell him no or things don't go his way. He has outburst, and becomes extreamly angry and at time will hit. My question to you all is Ho wdo you deal with your small children's angry aggressive outburst? I think that this will make for a good discussion I am eager to hear some of your ideas.