well i was just wondering looking at my bow today that there is a good space in betwwen the loopstring and the arrow like the arrow can move up and down a little id say about 1/16 or so..is this ok or is this a bad mounted loopstring?

I wouldn't say that it is bad, however it does require a little bit of attention.

My preference is to have my loop a little bit wider above and below my nock. I then use some serving material and serve just below each loop knot to ensure that the nock position stays centered in the loop. This also helps eliminate nock pinch that will have the tendancy to lift the front of the arrow off the rest at full draw..

It shouldn't be a problem,just remember to always put your arrow against the top part of hte loop when you put it on the string.

i agree with tfox

ok thanks

Yep, I was gonna say what TFOX did... Some people even tie in their nocksets that way on purpose to prevent arrow pinch.