You have to learn to adjust your gas flow for the thickness of metal even with a small tip. 5psi is a good middle of the range start but it might be a little too hot for thin stuff so you can adjust down. Then adjust your O2 pressure till you get the flame like ShieldArc showed with sizzling sound. The tip must be kept clean to make a good cut. Look at your cut and it is very clean of slag which indicates that you torch was set right and that travel speed was good as not much dross on the cut.
NOW, see those little lines running down the cut, those are mostly caused from rust specks, dirt or other impurities on the surface. It is similar to when you are backblading with the FEL and hang a rock, you get a big gouge in your surface. Cutting torches do the same thing, it the pick up a little impurity, it pushs it thru the molten metal leaving a gouge. So if you want perfectly smooth cuts, take a minute to run a grinder over your cut line first. Just like welding, a clean surface makes all the difference in the world. From the rest of it it looks like you have a steady hand, tip seemed to be clean and gas set right. The only other advice I can give you is to make sure you are comfortably positioned to make your cut. When you set up, swing the torch from one side of the cut to the other and make sure you dont get into a bind before you get to the end. IF you feel like you are binding, stop the cut, reposition, do the swing thing and then start your cut again. Just like when welding, dont get in a bind, stop get comfortable and restart. You can do everything better when you are comfortable rather than straining.
One other thing, everytime you pick up a torch unless you know for certain that the tip is perfectly clean, take out your tip cleaners and clean the tip. Get in the habit of cleaning the tip each time the torch has been laid up for a while and you will always have a nice cut. Clean it, set the gas pressure (experience is going to help there) set the oxygen pressure ,25-40 depending on the thickness. If it take more than 40 psi on the gauge when pushing thr high pressure handle to push thru a cut, then your tip is generally too small. There are a few exceptions to this when you are cutting really thick material like 4" thick or more but 40 psi will usually cut up to 2" thick material you just have to adjust your cutting speed and tip size to allow the metal to preheat correctly.
when you get to where you can follow a straight and contoured line and get good cuts, then start practicing following the lines and putting on a bevel at the same time. Correctly done the bevel will be the same angle all the way around the cut. We used to have to cut and bevel pipe freehand when I was welding and by doing a lot of it, you CAN get good enough to cut and bevel a pipe in position in one cut that can be ready to weld with just small amount of filing to put on some land.