This is potentially a very newbie query! I guess it really touches on mixing / mastering more than anything, which I have little technical knowledge of.
Here's a quote from the manual:
"Because of the enormous headroom of Live’s 32-bit floating point audio engine, Live’s meters can be driven far into the red without causing the signals to clip. The only time that signals over 0 dB will be problematic is when routing to or from physical inputs and outputs, like those of your sound card, or when saving audio....."
I wanted to get some other opinions on this quote, if possible.
Firstly, is it likely this information regarding driving into the red is referring to individual channels in Live, the master channel, or both?
Secondly, I have heard it is generally bad practice to allow meters to clip (in any environment), yet this information almost promotes it. Does anyone have any comments regarding 'best practices' here? As a Live user do you typically have faders going into the red?
Finally, I recently mixed a track such that it never went higher than -0.2 on the master channel (in fact, I used a limiter to make up the gain). I read somewhere that getting a mix to -0.2 overall was a good place to be. However, when I rendered the mix (without normalising) to a .wav file, the resulting file was quite low in gain in comparison to other reference mixes, and did not have a very big waveform upon examining it in an audio editor. This confused me because I was under the impression that a track peaking at -0.2 would be optimal. Could anyone cast any light on this matter?
I understand this is probably very fundamental, but my lack of technical knowledge in these areas can be frustrating so any feedback would be greatly appreciated. I really want to optimise my mixing / mastering process.
Thanks!

Jake