Whenever I try to install a bit I need 3 hands, 1 to hold the bit, 2 to tighten the two wretches. Any idea how to better deal with this? Also, I remember watching a video that said the proper collet insertion depth was to have the end of the bit shaft just short of the bottom of the collet, is this accurate?
If you take the collet out along with the nut (really should so you can clear any sawdust out of the vanes/slots of the collet which will keep it from tightening securely), then hold the nut between your thumb & forefinger while your fingers curl around the bit. Then screw the nut onto the shaft with your thumb & forefinger while pushing the shaft lock button in with your other hand.
Snug it with your thumb & forefinger. Then adjust the bit up or down until there is about 1/16 or 1/8" between the collet and the end of the flutes. That will keep the sawdust & chips from riding up the flutes into the collet.
Then take your wrenches and tighten the nuts. I tighten mine more than I would with an ER16 or 20 collet because of the way the Makita collet is made. But remember you will have to loosen them some time soon