The first point is, with this aircraft you NEVER firewall the throttle. If you use full throttle, you will overboost the engine (Hg of roughly 46 at sea level - that is correct, confirmed by multiple real-world Turbo Arrow pilots). You should see the little square (greenish yellow at the top right of the panel) light up - that is the overboost warning light. You will also hear a kind of bubbling sound, which is the onset of detonation - the result of which is a loss of power, lower fuel flow and eventually complete failure of the engine.
Please try the following:
Full RPM and Mixture.
Throttle - advance slowly to just below the red line on the Manifold Pressure gauge (so roughly 40 - 41 Hg, you'll be able to take off as low as 38, but the red line is critical)
Carefully creep it briefly over the red line, check that the overboost light comes on (you may also hear the noise change with the detonation) then bring it straight back below.
Take off and fly around, try some climbs but keep the Hg at all times below the red line. You can use your mixture and RPM as normal.
You will find that, as pressure decreases with altitude, you will need to gradually increase the amount of throttle used to keep a given Hg, so that around the critical altitude for the turbo (12,000ft) you will probably have full throttle or somewhere near.