Binding Safety

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I've been binding pretty regularly with one or two sports bras for the couple months. I've got a relatively small chest, so this is mostly sufficient, but it bugs me that I can't wear tighter shirts on occasion, so today I bought an Ace bandage. I've heard all of the really scary stories about people who broke ribs or caused damage due to binding with one, but getting a serious binder is pretty much out of the question for me at the moment. So my questions:

Will I be okay using it maybe once a week? 
The FTM guide says to wrap it "loosely" around your chest but what the heck does that mean?
Any other safety tips?