I have been hanging for about half a year now. So, to answer the question:
1. When you first begin hanging there will be a great deal of skin stretch along with stretching of the actual penis (ligs/tunica/whatever). This is because the skin is normally tight, and part of what happens during hanging is the skin itself is stretched. This generally leads to the result that you will develop a bit of turkey neck. I personally did not want that to happen, but it comes with the territory.
2. The only possible issue that you might be doing wrong that could be the other explanation is you are not tightening enough. At no point should you tighten to the point that you feel pain or the ciruclation to your penis feels entirely cut off. That being said, when you tighten just enough for the hanger to hold the weight, but not much further than that, you will generally stretch the skin. This is not desired whatsoever after the first week or two (in which it is okay to stretch the skin a little to make room for the stretching of the internals of the penis). If you have not done so, try tighteninga bit more than you currently are and see if the issue stops. If it does stop and you don't have pain/circulation issues then your issue was tightening. If it doesn't help, you might just have particularly tight skin and it is taking a while to stretch that out initially, and the issue should go away on its own eventually.
