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I have a collet holder on my lathe that you insert the “ER” type collet into and then a big nut goes over the top to push it in and close it up, works well on my Vario-Lux lathe.
I used to have an Emco lathe like yours but just didn’t find it that useful and I know William has sold his 2 as well. They are capable of cutting steel but you have to take such small cuts so as not to put too much pressure on the double bar bed and losing accuracy, it can be a painful process taking a couple of mm off the diameter. I know some people love these lathes and I can see the appeal but as you rightly also state, the accessories will be extortionate as you are fighting against collectors for them.