Seal a round split down the middle on the end grain. Wax emulsion is good, old wood glue, old latex paint, piece of plastic loosely tacked will work about as well.
Leaving the bark on and the log in the round, sacrificing some length each time I get back to it, is the way I go. End checks are self-limiting, so you can keep the ends of your log sheltered, sacrifice an inch or so, depending on species and climate, and turn with success. Once it's split, or the bark is gone, the money goes for a rough turn as the best way to save it.
You may read through the unscientific folklore below, or spend some time with chapters two and three of
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to planyour strategy. There you will learn about the structure of wood, which is the key to anticipating direction and magnitude of shrinkage and compensating for same.
As you learn about FSP, EMC, and radial shrinkage, you can review the practice of sealing a rough with better data. One thing not covered is the mechanical action of drying turnings which squeezes the face-grain bowl, closing off any incipient checks on the inside curvature, exacerbating any on the outside. Sealer on the outside, or total humidity control are the most common options, each with proponents, and each accomplishing the same thing, controlling the loss from end grain - there is effectively no face grain - to a rate at least equal to the capillary draw from the interior.