I tightened that bolt down VERY tight and then ran my engine 30 seconds or so and inspected the bolt. It had loosened to where i could turn it by hand. So i used the red locktight on the bolt and tighted it very tight again. Should it be okay that way? is that supposed to happen?

Very tight means taking a torque wrench to it and verifying that you have Idler Pulley Bolt 50 Nm (37 ft. lbs.) and Idler Pulley Bracket Bolt 30 Nm (22 ft. lbs.).

LockTite should keep it from backing out, as long as you have it torqued down correctly.