RE: When/how do you know to change your string .
I wax my string after each shooting session with BCY ML-60.
If you are waxing and you start to see white fibers, that means you are fraying the string. Most likely by putting too much friction on the string to "melt" the wax. Over time, this is not good.
I recommend going to a softer wax like BCY. It won't take much to have it "soak" into the string. Dab some on and run your fingers up and down 3-4 times and you are good to go.
TIP: To clean your string, run a loop dental floss around it, pull it tight and move the dental floss up and down. You'll be amazed!