This has been covered several times on here (use the search function) but I'll cover it again:
Yes, that nut can be too loose OR too tight. Too loose is far more serious than too tight, as a loose drum will chew up the splines on the drum (first) and/or axle shaft (later) - NOT COOL!
First, go weigh yourself and note the weight. For example, I currently weigh 170 lbs. (That's 11.5 stones for you Brits)
To tighten your rear axle nuts (or remove self-same nuts), you'll need a 1/2" drive breaker bar and a 3-4 foot piece of sturdy pipe that will slip over the end of the breaker bar to act as a lever, along with a 36mm, 6-point socket.
Assemble the socket to the breaker bar and attach to the axle nut such that bar and pipe are angled off at about a 2 o'clock direction.
Now, from Larry's post, you'll need to torque the nut to 250 foot pounds - that,s 250 pounds pressing down on the breaker bar handle at a distance of 1 foot from the socket pivot point. But all I weigh is 170 lbs.
What to do??
Simple: Move out along the bar until your weight and the leverage advantage of the pipe/breaker bar equals 220 pounds.
The equation is: 220 lbs./your weight = distance from pivot (in feet)
So, 220 ft. lbs / 170 lbs = 1.294 feet out along the bar
1.47 feet = approximately 17.5 inches.
Follow so far?
OK, so put a piece of tape on the pipe at 17.5 inches from the socket pivot point, have a helper step FIRMLY on the brake pedal, balance yourself against something while you place one foot directly on top of the tape on the pipe and gently press down with all of your weight until the pipe stops moving. If you need to reposition the socket to get the pipe back up to about 2 o'clock, do so and repeat until the pipe/bar stops moving. Do not "bounce" on the bar - just let your weight settle it. Do not use both feet! Put all of your weight on that one foot that's on that spot on the bar. when the bar stops moving and you're just standing there on it, you'll be at the 220 ft/lbs. point.
That's it. Of course, your weight (and mine) may vary. If you weigh more than 220 lbs, the tape should be less than 12" from the pivot point - if less than 220 lbs. it should be more than 12" out. Do the math and position accordingly. Remember to put the middle of your foot directly over the tape to avoid being in or out. The amount of error here (if done right) is roughly equal to or less than the error in all of our un-calibrated Shade-Tree-Mechanic torque wrenches out there.
gn