First, What color is the fluid?  Nice and pinky-purple, or coffee-
sludge brown to black?  Sniff it.  Does it have a sweet sort-of-oily
smell, or a burnt smell (the dark color and burnt smell go together).
If dark and/or burnt, you probably have burnt-out clutches.  Off to
Rebuild City.

Next:  verify which way the shifting lever on the transmission moves
when you push and pull the shifter control at the helm.  Then,
disconnect the shift cable from the lever on the transmission.
Manually move the transmission lever to the reverse detent, then pull
the helm control back.  See if the cable end post lines up with the
hole in the transmission lever.  If not, adjust the cable hold-down
retainer near the transmission so that the post lines up with the
hole.  Before reconnecting, move the transmission lever to the forward
position, push the helm control forward and verify that the post will
still fit in the hole.

You want to be sure that you have enough cable movement to fully
engage both forward and reverse.  If you don't, you might be able to
engage the helm station end of the cable in another eye on the
underside of the shifter to obtain more movement - the further away
from the pivot point, the greater the movement.  You want to be
absolutely sure that the forward shift moves the transmission shift
lever into its fully-engaged position, otherwise your forward valve
won't be fully open resulting in lower pressure on the clutch plates
and consequent slippage.   This is most important in the forward
position, since that's the setting you use most.

Your next step is to get a transmission expert with a set of gauges to
check the various operating pressures.  You probably don't have the
gauges to do this, and you'll need a transmission manual to find out
where to hook up the gauges and what the minimum and maximum pressures
should be.  This will tell you if you have stuck or bad valves or
internal leakage.

You just *might* free a sticky valve by adding some aftermarket snake
oil automatic transmission medic, but I'm leery of those. Proceed at
your peril!

Good luck.

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