Using your Ipod at the gym

Ok my second Ipod newbie question and this is for you folks who use your ipod at the gym which is where I plan to use it. I picked up an athletic armband when I bought my new 8 gig Nano. It's a DLO and has a nice clip on leather case to protect the ipod (hard to get to the hold button but otherwise it seems ok) and an elastic armband. I tried on the armband tonight and I've had a bad time getting a good fit. It's either to tight and cuts off my circulation or it's to loose and when I move around starts to slide down.

I'm wondering if anyone else has had that problem with these athletic armbands and what was their solution? I see others at the gym all the time with these armbands on their upper arms and they don't seem to bother them but I put the thing on my arm and sat down at the computer and in 10 minutes my arm was aching from the blood flow being cut off. My other option is I could just clip it on my waistband but I am afraid of it getting bumped around more on the machines.