That's the Bohr model. It works surprisingly well for hydrogen. Then there's the probability-cloud model, which works much better. And then there's the “strictly speaking, the orbital isn't actually a probability distribution at all; it's a wavefunction, Ψ, and ∣Ψ∣^2 gives you the probability density” model.

It gets weird. Like, maybe-there's-only-one-electron-in-the-universe weird.

Look up "molecular orbitals" should be enough of a search to get the info