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The only information that you could be doing wrong is what I haven't updated into it. Which are as follows:
1. Changing servers resets the % increase.
2. Crash/logging off resets the % increase.
3. Porting with cargo, fishing, or compeleting quest with a gold reward resets the % increase.
Theses minor notes should be updated into the guide in the future as well as with other looting advice.
Sorry for the late response to your question and congratulation on finding Behemoth Blade!
Just remember, the method only increases your odds, there will always be a luck factor and rewards for your hard work! :)
It's Davy here. It's been ages since I have said hi, and I am really sorry for that. I did not forget about "The Warmonk" XD, nor did I forget about anything POTCO related. I just wanted to let you know that I am still around. I hear that you (and others) are currently making a revamped POTCO, called "Pirates Online Rewritten". I have looked around on YouTube, and the progress you have made is awesome! It is certainly on its way to becoming literally a rewritten Pirates Online. Maybe we can chat in the future on Skype, who knows :)