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it only makes it harder to hit the creature. To reduce the damage, you need resistence (1/2 damage) or immunity to the type of damage that the attack deals (slashing, bludgeoning, and piercing for regular weapons, or fire, cold, etc. for other effects). There are also class features (such as the rogue's "Uncanny Dodge") that allow you to reduce the damage regardless of resistence. You can stack such a feature with resistence for 3/4 damage reduction, but gaining resistence from multiple sources doesn't help any more than just from one source.