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@xavceg Try the tapping first. You might also try putting a screwdriver against the collet and tap it lightly. Not the nut, but he part of the collet that's peeking out from under the nut.

Don't overdo it, you're just tapping to get it to release. In this pix of a collet and nut, you can see what's inside the nut. The difference between tight and loose is a few thousandths of an inch. Do not lubricate this, or if you do, soak and clean it thoroughly before using it. If you damage the collet it could be dangerous to use. Gentle persuasion, tap, tap, tap.
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The nut pushes the collet down into the spindle, which compresses it around the bit's shank. It's not a good idea to force or over-tighten the nut. Some of the older collets were much simpler, which I suspect required more tightening than the modern ones to hold on to the 22,000 rpm chunk of steel.
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