You want to make sure you are aligning it correctly.  When you set the depth of the bit, you use the triangles and when you sharpen you use the white marks rotating it clockwise from white mark to white mark.  To align the bit, clamp the fingers of the chuck on the leading edge and the cutting edge leaving about an inch or so of drill stick out and secure slightly snug so they hold it but you can still move the drill bit.  Make sure the power switch is off and line up one of the triangles on the chuck with the cam guide and push the chuck into the sharpening tube to set the depth (how far the drill bit sticks out).  Tighten the chuck and pull it out to ensure that the fingers have not slipped down in to the flutes.  If they have, start over.  If not, you are ready to sharpen.