To add to what others have already said. Welcome!
If possible join your local Model Engineering Club. there you will find lots of help and advice, close by.
With regard to your set up, The cutting tool should be sharp, preferably with a small radius on the nose, and adequate clearance (about 5 -10 degrees) at the front and side, and without excessive top rake. The tool should be set on the centreline of the work.
Too high and it will rub rather than cut. Whether too high or too low it fill leave a pip in the centre when you cut across the face of the work.
With regard to feed rate, for a fine finish you need the minimum feed per rev (Tipped tools tend not to like fine feeds, so stick with High Speed Steel until you are more familiar with the machine) For this, in simple terms, the gear on the mandrel needs to be small, and driving through an Idler, or even a Compound Idler, to a large gear on the Leadscrew. (something like 25 : 75/20 : 60) . Also, it maybe that you are trying to cut some unsuitable steel, such as rebar, which is particularly unpleasant stuff. You could do worse that to "learn your trade" on some leaded mild steel, rather than something more exotic such as EN19 or EN32.
Keep us posted as how you get on.
Howard (typos sorted I hope)
Edited By Howard Lewis on 10/04/2018 19:58:32