gotta add my 2cents, same as others have said about the extended tool holder and tool itself, it will work the way you have it but the results will scare the he&& out of you when the maerial starts whipping around the tool and maybe you. doesn't that round stock slip into the head shaft of the lathe ?
there is a general rule of thumb about "stick-out" of material from the chuck if its not supported. . . . its really not very much. something like three times the diameter of the material stock.
what size is that material ? if its 1 inch, then 3" of stick out would be about the recommended stick out. im sure everyone has made lots of exceptions to that rule but not without more experience.
with the tool you have, (it looks like a 60 degree threading tool) you can angle it the way you have it shown, and actually make a shallow cut. try it. take about .015 as shown on your cross slide and feed slowly from right to left. (after you shorten the stick out of the material)
tubal cain videos are awsome for folks beginning to machine. he does a super job showing how to sharpen tools, for use on/in tool holders just like you have. . . . .called lantern holders. DO check those out. then play around, don't expect to make anything pretty right away. . . . just make chips and little curls. . .change speeds, change how fast you feed the carriage right to left, how deep you can cut with your different tools.
keep your sleeves rolled up and take off your rings. . . then enjoy the new addiction you have just aquired. . . . . .
take pictures like you have, and ask questions. .