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.
I'm sorry. Was I talking while you were interrupting?