+1 to all that realize you need to loosen the axle nut.
Here's taking it one step further:
1) loosen the axle nut to the point that you can feel slack in the axle.
2) Take a ft./lbs. torque wrench, and torque the axle to 10 ft. lbs.
3) Confirm that there is no longer any appreciable slack in the axle.
4) Proceed with adjusting your chain, as prescribed in the owners and/or service manuals.
5)
ALWAYS take the time to go back and re-check your chain for proper free play, and alignment!
Why apply a clamping force to the axle? Simple: If you leave the axle too slack while adjusting, when you torque down the axle nut upon completion, you will more often than not find that your "perfect" adjustment is no longer perfect. Keeping the sides of the swingarm in parallel will help you keep your wheel and chain aligned more accurately, and will make your job easier in the long run.
I would also suggest removing the axle completely, and applying a light coating of anti-seize to the entire length of the axle, less the threaded shoulder. This will help keep your spacers and adjuster blocks, and even bearings from potentially freezing to the axle through spalling, or galvanic corrosion.
It also helps to give a quick shot of penetrating oil to the inside face of the adjusting blocks, where they rest against the swingarm. That will also aid in making the job easier in the long run.
blowns6: Don't worry about being off. Nobody ever stops learning. I had an experience in the mid 90's where there was an error in a Harley-Davidson service manual for Softail models, that lead to many heated debates. I can not begin to tell you how many people had fits when we (techs) would try and show DIY owners the correct way to adjust their belt tension! The error in the manual was that it omitted the step where you needed to loosen the axle, before adjusting the belt tension! We kept finding stripped axle adjuster bolts, and mauled frame spacers. Lots of fun
