What is the traditional meaning of loosey goosey?

Answer 1

The meaning of the phrase "loosey goosey" is loose, relaxed or comfortable, or as well, imprecise and careless.

I first heard this term when school and parents taught kids how to screw in (a screw; a nut on a bolt; a light bulb; a faucet head; anything that needs turned to tighten it).

The two complimentary phrases to screw in an item is "righty tighty" and to loosen it is "lefty loosey" or "lefty loosey goosey".

Both are a Mnemonic Devices simply for remembering which way to turn a screw or nut etc. to loosen or tighten it. Left-handers in particular could have trouble doing these actions, because they are more prone to reverse the action.

Answer 2

They are referring to the looseness of your vagina. Basically, you're a slut.