I have to disagree with some of the above.
Light smarter, not harder.
First off, a seedling that tiny doesn't need hundreds of watts of light. That's enough for a whole garden; its complete overkill here.
Optimal lighting with CFL is maybe 70-100W/sq-ft. That plant is what, roughly 4 inches by 4 inches? So that's 1/9 of a square foot. . .one teeny 15W CFL is actually PLENTY . . .SO LONG AS YOU USE IT PROPERLY.
If you're using 30W draw CFL bulbs, you only need ONE (not more), and you need it about 2 inches above the top of that plant. Not closer. . .you'll burn the plant. If you have the ability to place said bulb inside a parabolic or other reflector to optimize its output, you'll do better, but you can "live" without that.
Second, if you're asking about overwatering, then yes, you're overwatering.
Again, a plant that small simply will not take up much water. In a pot that large with a seedling that small, you should only be watering at MOST every 3-4 days, and probably only once a week. As a rule of thumb, if the top soil in the plant doesn't feel dry to the touch you definitely don't need to add more water. If you can lift the pot and it feels heavy, you don't need to add more water.
On the quality of your soil, maybe its better than it looks, but I have to say, to my eye it doesn't look good at all.
What's with that bark in there? What are those brown threads? Looks like you started with some kind of really low end generic potting mix (or worse). Adding perlite to a standard mix is generally good, but if you add 30% perlite to sh#t, you'll still have a mix comprised of 70% sh%t. and your results won't be nearly as good as they could/should be.
If you want a recipe for a relatively inexpensive mix that I've had good results with, scroll down to post #2 in my Mexican "schwagg" thread here:
https://www.rollitup.org/grow-journals/584136-mexican-brick-bagseed-growing-out.html#post8268917