Hi, I'm new to the LK 150 also and am finally taking a class. Re: taking the stitches off, I hope I can explain so so can understand. Maybe those with more experience and who know the proper terms can clarify. You bind off just like regular knitting. Take one stitch off the last needle, put on next to the last needle. Bring both needles forward. Bring yarn over BOTH needles but in the front of the needle that now has two stitches. Manually push that needle back and now you've bound off one stitch.
Re: the loops at the first stitch. Before knitting that first row, gently tug the yarn down where it goes into the first feeder on the mast to get the tension back in the yarn. My instructor says it means you don't have enough tension in the yarn. Make sure you are using cast on combs or the long comb to give weight to the yarn. Hope this at leaves gives you a hint and maybe others more experienced can help more.