Thread type can also affect your tension. If you are using rayon thread, your tensions will have to be a little looser because the tensile strength of rayon is not the same as that of polyester. Polyester can stand a tighter tension and needs a tighter tension to avoid looping. Your needle may also affect your tension. If you have a dull needle it may not be picking up the bobbin thread exactly the way it should.
Speed can also affect tension.
If your tension seems a little too tight, slow the machine down a little and see if this changes it. Also check your needle depth as well as timing of your machine if none of the above adjustments work. Once you get the hang of adjusting your machine's tension correctly, YOUR tension level will drop as well. The correct placement of monograms is subject to many variables. Surprisingly, tradition is not a big factor.