Hot rolled material is pretty easy to spot -- it has the rough, blackened finish on the outside as opposed to the smoother, grey finish typical of cold rolled stock. There is nothing really difficult about parting hot rolled steel itself, but that black surface layer is what takes the edge of your tool right away. If you use it, and I do for turning fairly often, it's beneficial to take a decent enough cut to get underneath that rough oxide surface layer. Once you're past it, no different than anything else really.
What sparked my comment now though was, do you know that what you have is indeed "mild steel" and not something else? We could go round and round trying to tell you how to set up a parting tool only to find out later that you're trying on a piece of stainless or 4140 or something, both of which can work harden pretty quickly making any further effort pure hell, regardless of the tool.
Mystery metal is fine if that's what you want to use, but sometimes it really does complicate things by adding yet another unknown to the equation.
-frank