OK, it seems that you are dealing with an old simulator and have yet to develop a technique.
Firstly, if the cut is 5 to 10 knots BEFORE V 1 you should be rejecting the take-off. Do you mean before V 2 ?
So, assuming the failure is at or after V 1 it should be controllable if you hold it straight with a smooth but steady rudder input and commence a smooth rotation at V r, holding wings level with slight aileron input. It is essential to make small, steady corrections with each control (and this also applies to use of trim, thrust and speedbrake) to give the old computers and hydraulics in the simulator time to process what you want and provide the necessary feedback via control loading, instrument readouts and motion. A lot for the old thing to digest and if you start overcontrolling, it will quickly get out of shape, i.e. be seen and felt by you to be reacting poorly. It is certainly worse than the real aircraft, though not totally unrealistic. Old simulators simply do not process rapid or multiple inputs as seamlessly as the latest electric platform jobs, so the trick is make an input, wait for a result, then increase or reduce the initial input as necessary. Get the instructor to demonstrate his technique. If he won't, it says something about the fidelity of the sim, or the ability of the instructor.
Don't give up, just work on your simulator 'technique'. The aircraft will seem a walk in the park afterwards!