Given that you say it has no security features maybe the final binding pin is short and when you attempt to set it each time you overlift it which then allows the other pins space to slip down.
The other posibility is that one of the pins which you presume set is actualy false set and by trying to set the final pin you are returning it to its origional position.
If you can see the key that will make this alot easier, if not then just make sure each pin is set before you move onto the next and keep try each pin at varying heights.
Oh and you have checked its a
4 pin padlock haven't you?
