Ab, I can offer moral support and maybe some useful info. I had the same problem with the Hornady collet puller which is similar from what I can see. Kept tinkering until things clicked since the instructions did not really clarify the process. On the Hornady the press ram is kept in the up position, screw the collet in 'til it contacts the bullet and then lock the collet down and then lower the ram. Presto, out comes the bullet. The trick is that there is some "feel" involved in setting the collet height. Too low or too high and the collet can't grab the bullet when you lock the collet. If the collet feels too tight when you try to lock it, back it out a tad and try it again. Repeat in small increments and you'll likely hit the right spot. On my Hornady it feels like a "light grab" when it is set properly. Good luck.
