I've setup a cron job but it fails to work. I've read the tutorial on the Magento website about setting up cron jobs but it doesn't provide me with any clues.
Can someone who has a cron job successfully caching their pages please tell me how they went about it.
As far as I am aware my store admin is configured correctly.
As you wrote it is not issue of MTurbo but problem how to set up cron for Magento. There may be several problems. First at all, check that cron.php is calling by OS.
It looks that you execute the cron only once a day. That is too little for Magento. Magento has own system of planning tasks and it needs to executed the cron more often. For example every 20 mins. This period also depends on the setting your Magento.