As per Jason's advice here's some pictures. I use dressmaking pins which are about 30mm long and have a big round bead on the head. I find this form of sticky pin with a loupe outperforms my 'proper tool'.

Pin with blob of soft modelling clay: some makes are softer and stickier than others. I don't think blue-tack is as good.

Pin stuck more-or-less centrally on the base of a milling cutter.

With the pin spinning at about 1200 rpm gently ease the sharp end into balance with a smooth rod. (Pencil, knitting needle, etc. This takes a little practice. Beware of the pin flying off if it's badly out of balance.

In this photo the pin is spinning at 1250 rpm with the sharp-end accurately aligned with the rotating axis of the milling cutter., ie centred. The blur is due to the camera auto-focussing on the vice rather than the pin. In real life the pin is steady.
Cheers,
Dave
Edited By SillyOldDuffer on 15/03/2017 10:59:51
Edited By SillyOldDuffer on 15/03/2017 11:00:19