Hi Mark,
Is your machine new or pre owned? The tool should cut well if it is sharp, on centre and not too high a feed rate. I have been machining for many years and prefer well sharpened HSS although I realise many prefer carbide tooling, usually indexable with replaceable tips.
Here is an example of some turning on a old Boxford using Hand ground HSS tools. The saddle was hand fed. The tool was perfectly on centre height, you can click on the pictures for larger view:


There must be something wrong with your technique or your machine set up or even the material you are using, try to get some free cutting mild steel or aluminium rather than any old stuff from the scrapbox You should eliminate possible problems one at a time. If you can, get an experienced machinist to demonstrate, if not you could join a local club or try to find a local evening class, they still exist in some areas.
Let us have more information.
Best regards
Terry
Edited By Terryd on 05/11/2012 17:35:49