Sam, those palms do lose fronds from the bottom up on a regular basis, as well. So expect the bottom frond to gradually brown and fall off. As long as the "spear" leaf which is the new one coming straight out the top is green and healthy, your palm is growing normally.
You shouldn't really be able to over-water it as long as it has good drainage. Mine are in the ground here and we get heavy rain on a daily basis in the summer. As long as the plant is actively growing, you should water it until some water comes out the bottom on a regular basis. Don't use cold water, room temperature or warmer water would be best.
Whenever you take it outside, hose down the leaves, too. As Cheryl says, they love humidity so if you're keeping it inside with the a/c running the air is very likely too dry for it.
