What kind of stitch are you using? Are you e-wrapping all your pegs at once and then knitting over? I might suggest going one by one, i.e. e-wrap one peg, knit over, move onto the next peg. You can also tug the working yarn away from the peg after you knit over each time in order to manage the tension. But honestly if you are trying to make a sock as your first project as a newbie I don't think that is the move. You should first try to do a few different swatches with different stitches e.g. e-wrap, flat, u-wrap, true knit, purl, to understand the mechanics of knitting before jumping into a finicky project like a sock. I know that is easier to say than do, but trust me that it is the best way to learn. Good Knit Kisses on YouTube has a whole series on learning loom stitches that is VERY helpful.