It's important that the collet and cutter shank are the same nominal size, this type of collet has very little size tolerance.
I wouldn't trust my Boxford collets to grip cutters really firmly anyway, I suspect Myford collets are little different. The ER collet system is much better for this sort of task I find.
Even so, the collet nut has to be really tight.
Edited By Clive Brown 1 on 30/07/2017 22:00:04