Sounds like it's lean (not enough fuel in the fuel/air mixture).
Here's the manual by the way, page 7 is where you need to be looking:
http://mms.tiger.tw/upload/upload_fi...194_manual.pdf
Anyway, to set up the carb:
Start the engine and turn the low-speed needle (figure c in the manual) anti-clockwise to increase(richen) the fuel flow. Turn it in 180 degree increments until your engine is idling at a constant speed (not going constantly up like you say it is). When you have it idling correctly, pinch the fuel line and see how long it takes to cut the engine out. You're aiming for 5 secs or so.
For the high-speed needle, you should have a temperature gun.
http://www.maplin.co.uk/p/infrared-t...argeting-n92fx
or
http://www.maplin.co.uk/p/pocket-inf...rmometer-n19fr
should do the job.
Drive the car, accelerate at full throttle for a second or two. Listen to the engine. It should sound crisp and clean - it shouldn't bog down as it accelerates. If it does bog down, this could be a sign of the high-speed needle being too lean also. Again, turn the high-speed needle anti-clockwise until the car sounds clean under acceleration.
Turn the idle screw to increase/decrease the idle speed as necessary. This sounds vague I know - what you need to do is run the car for a little while, so it's warm. If (having set the two needles above), the car keeps cutting out when returning to idle, then either the low-speed needle is too rich (shouldn't be as you set it up earlier) or the idle is too low. If the engine runs on (higher than you want) when returning to idle, then either the low-speed needle is too lean or the idle is too high.
To richen (opposite to lean) the mixture of a needle turn it anti-clockwise
To lean the mixture of a needle turn it clockwise.
Use the temp gun and point the sensor at different parts of the heatsink, you want the engine to be no warmer than 90-100 degrees C. If it's too warm, richen the top-end needle a little (1/8 of a turn) and go again for a minute or so and then temp it again. Repeat till you have your temperatures under control.
Buy some after-run oil (
http://www.modelsport.co.uk/hpi-engi...products/35806). Once you've finished running your car, kill the engine, close the throttle, and put some of this oil into the carb - fill it so the oil sits a couple of mm deep in the carb opening. Now turn the engine over with your starter (DON'T use the glow start, we're just getting oil into the engine to protect the internals). That's it!
Hope this helps, I have no doubt other people have other ideas about engine tuning and maintenance but this will certainly help you to get a good base setting for your engine.