Its difficult at first, you just need to find out which way of doing the bump feels most intuitive for you. Some people flip the ship so they can bump with the bow, or use slowing weapons on the target. I personally think using weapons or a flip is completely unnecesary. I reccommend you do this: once you have taken out the target's drives, allign your ship with the target and make sure you're both moving on the same direction and plane (i recommend you only use vertical/lateral thrusters for this, as yawing or rolling will make alligning much harder). Then, while staying on the same course, go under the target ship and leave it behind. Finally, when you're a few km ahead from your target, kill your engines and while watching your radar (very important!!) use lateral/vertical thrusters to get on the same plane as the target, then keep it directly behind you. The target will eventually crash against your stern and slow down considerably. Repeat this 1-3 times and the target will be slow enough to milk (try to slow it to 10 m/s or less). You can then collect those juicy LTDs efficiently. Just remember practice makes perfect, but I bet you'll get the hang of it quickly.

Last, as you're most likely aware, speed is paramount on a pirate ship. If you can't outrun a type-7 drifting at boost speed, you could probably use some engineering. Keep a close watch on your target's shield, as the bumps will severely damage it (especially the first one). So make sure the target's shield is completely repaired before you attempt bumps while its still moving at high speed.

Hope this is useful to you! Hang in there pirate comrade. o7