NDIY –
That's worded a bit unkindly. Philip has asked under "Beginners' Questions", what to many of us might be a simple problem, but perhaps in consequence has not realised we need better information to help him.
Including that matter of the 40 cm??
Philip –
I think what you are asking is basically simple but the differing replies suggest we've not all grasped what you are making, because I am afraid you've not given sufficient information.
It's best with a question like this to give a dimensioned sketch. It does not need be a proper engineering drawing to ISO-umptyone for something like this. Just a photo of a simple sketch on plain paper.
In particular here: if I am right about your intention, which is to turn the end of an ordinary bolt down to form a long spigot. You need verify the units (I don't believe 40 centimetres as that would call for a fabrication not a modified bolt), the diameter and length of the stock bolt, and the diameter and length of the turned section.
In which case your question should read something this, and I'm assuming you are working in metric:
'
I need turn the end of a standard [insert designation] hexagon-headed, high-tensile bolt down to x mm for y mm length, to form a spigot that fits a hole down the end of a shaft; as part of a special puller.
How do I grip the bolt in the chuck and support the outer end?
.
That alone ought suffice, even without a sketch; and I and no doubt others would have replied, as I have above:
Put the bolt as far back in the chuck as possible, gripped by a split-collet or lock-nuts; centre-drill the tip; draw the bolt out sufficiently far but still gripped for as much length as possible, and support it with a tailstock centre.
You may need use a half-centre for tool access, and even then, as an ML7 owner myself, I'd say you'd probably also need swing the top-slide back at an angle to clear the tailstock, and then use the rack feed. Or lead-screw if your lathe has a graduated lead-screw handle.
My lathe does have a lead-screw dial, but I don't use it very often. If the spigot length is not critical I usually move the tool along with the lathe switched off, to rule measurement, switch the machine on and make a light cut there as a marker. The finished length is usually easy enough to bring within tolerance.