Hi all,
Thanks a lot for your responses and advice. I really appreciate it—big time!
After reading all the comments above, I immediately checked everything that was mentioned in this thread. The results were that the flap and elevator had equal movement at full up and full down, and their deflection angles were also the same. I tried to set the neutral position as close to 0-0 as possible. The hinge lines are sealed, and the handle spacing is the same for both the up and down lines.
Then, I went flying. My level upright flight felt better. I did the horizontal eight differently this time—entering the outside loop sooner than before—which eliminated the floating sensation. I felt consistent tension throughout the maneuver, and the shape was nice and round, although the outside loop was still smaller than the inside. At least it wasn’t tight and oval-shaped anymore. I still had some hesitation about making it bigger, as I’m still getting used to this plane. It’s not my beater plane, though.
After the flight, I noticed that the elevator was actually slightly down by about 2 or 3 degrees (hard to tell the exact number, but definitely less than 10). This might be a contributing factor, but I think my flying technique played a bigger role. I’ll need more flights to confirm.
Unfortunately, I only managed one flight with this airplane due to bad weather and tall grass at my flying field, so the P40’s trimming process is still a long way to go.
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Since my flying field wasn’t in the best condition yesterday, I decided to fly my other plane, the XEBEC (a Japanese-made ARF, 25-engine size).
I think this plane is trimmed better. One of the things I noticed is that the tension remains consistent throughout the flight, even if I make mistakes like flying too high or giving input too early or too late.
Knowing that the plane isn’t going to "betray" me gives me a lot more confidence to fly bigger. By correcting how I performed the horizontal eight—just like I did with my P40—I was able to execute a better figure-eight (big, round, and equal in size for both the inside and outside loops). This plane has crashed several times, and I treat it as my beater, so I have nothing to lose.

Thinking back, I remember experiencing the same floating sensation when flying the horizontal eight with my XEBEC a while ago. But at the time, it didn’t bother me much—probably because my LA25 runs a bit faster and more in a straight 2-2-2, whereas my LA46 is set up in a wet-2 mode.
Too bad I didn’t get any of it recorded, as the downwind was too close to the pit.
In conclusion, I feel like my flying technique has played a bigger role in the issues I’ve experienced so far. So, I’ll keep working on improving my flying while continuing to trim my planes. The more I fly and get comfortable, the better I can understand and see to what Paul Walker explains in his trimming chart articles.
Best,
Kafin