If it wasn't hot enough to make you yank your hand away, you're probably ok. You don't just have a cheap iron, you have a broken one. I have a $6 iron from Value Village, but it works properly. Has steam holes too! I know exactly where to set it to wax the boards, and where to set it to wax the skis. And where the beer is.
Coffee is your friend. Everyone else is an acquaintance.