Gunbeard's Guide to Player Piracy
Piracy against NPCs is generally an easy way to gain loot, and quite fun on its own, but once you become a pirate to real people, its a whole new deal. You need to be prepared for long waits, long searches, repetitive, arduous fights against your victim's brother's cousin, and of course, LOTS of abuse in private channel.

Steps to Dastardliness..
1.Get into Character
2.Gain Trust and Generate Fear
3.Find and Keep your Victims
4.Learn The Pirate's Key Points
5. Commitment

Getting into Character
If you're going to be a Pirate, you've got to keep the image and presence of a pirate, otherwise nobody will take you seriously and nobody will pay up either. You might also think about whether you want to be totally alone or have people on your side. It is possible to be a pirate to some while being friendly to others, as long as you make the case of playing a role, and as long as none of your victims have a brother in an Eagle.

Psychological Piracy
As a pirate, you will be ruining the efforts that people like yourself have made to gain profit and get ahead in the game. This can result in serious grudges. The trick is to make your victim aware that piracy is a part of the game, and you are playing that role just as they would play the role of a trader or a mercenary. After all, if you aren't allowed to play the role of a pirate you might as well go back to trading Niobium and blowing up Weapons Platforms, right?
Moral Dilemma?
If you find yourself being all "ooh i dont know if i should, i mean i dont like it when i get robbed" then don't bother being a pirate and instead go hunt them because you're probably more suited to being a good guy.

Finding and Keeping Victims
Obviously, check the Chat (Y) screen as often as possible to see what systems players are in. Also, it's important to find a crunch point where players are most likely to travel through, such as a junction where two or more trade lanes meet, such as the main planet of a system.

The picture above shows a good place to wait for victims. Bear in mind that its also a good idea to be mindful of escape routes, in case you find yourself in trouble. Be careful also about making enemies with factions who regularly patrol your favorite player-hunting spots.

Pirate's Key Points
1. Scan your victim's Cargo, they can jettison anything that isn't bolted down, including unequipped weapons.
2. Ask only for enough to fill your bay, be fair and they're more likely to give you the loot.
3. If they deny you the first time, forcibly reduce their hull integrity and ask again.
4. If they would rather die than pay up, illustrate to them that you are equally stubborn.
5. Remind your victim that they are better off paying up than sacrificing their whole cargo each time you meet.
6. Combine a protection racket with highway robbery by offering protection to co-operative victims ~:}

Summary
So, if you get into the role, you can pull it off. Make sure you commit to your decisions and stick to your word, especially when you are trying to butter up a victim or gain a wingman. If nobody trusts you, you're in for a very lonely and unrewarding experience, unless you genuinely enjoy being an asshole, in which case game on!