Setting up Milling machine - Fitting cutters and removing cutters
Video Additional website
Setting up cutters correctly is essential for performing quality and accurate work.  The incorrect installation of milling cutters can lead to damage to milling machine and injuries.
 
Fitting cutter in vertical milling machine
End mills can be held by the spindle in several ways; a few of the ways are shown in the figure below. On most machines, a draw bar is used to pull a spring collet into a taper in the spindle.  When removing cutters, be careful not to damage drawbar thread and thread in collet. 

Ensure machine is isolated before chancing or fitting cutters.  Use gloves or rag to prevent cutting injuries when holding cutter during installing and removing of cutters.

To fit cutter slide collet into spindle and tighten the drawbolt.  Do not over tighten as collet will be damage.

To remove collet out of spindle, loosen drawbolt, do not turnout completely.  Tap top of drawbolt with rubber mallet to loosen collet out of spindle.  Only turn out drawbolt once collet is loose. 

Fitting cutter in horizontal milling machine