Sometimes I click and drag on the wrong place and there appears the loop region between the small yellow triangles. How can I make it go away? Usually I drag it out of the way but I guess there should be an easier method
Egos, egos, egos. This used to be a great forum because everyone was anxious to help without passing judgment. To paraphrase a famous politician, "You don't have Jerry to kick around anymore."
Not sure what it is you're seeing Jerry, but it seems there's a fair bit of help AND humour goin' on above. Getting back to the keyboard shortcut. Jorge is right...just pressing 'i' collapses the loop - I've been using i+o for years! We all learn something then. ;-)
i alone works if you use it immediately after creating the loop, and you dragged right to create it. If you dragged left then it would be o that works alone. And if you've moved the cursor at all since creating the loop then you'll need both i and o.