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Rule out the easy stuff first...
Does it have the correct type and amount of fluid in the transmission? There should be a dipstick you can check.
After that, the problem could be with the linkage at the shifter, or the linkage at the transmission, or internal to the unit.
Go to amsoil.com and look up your vehicle. They have a great page that shows fluid capacities for many vehicles. Its some awesome oil too. Puts Mobil 1 to shame.
If your truck is an automatic there will be a dipstick dip between the firewall and the rear of the engine towards the passengerside, that where the transmission fluid goes, if its a manual transmission there is a plug on the upper side of the passengerside of the transmission that you use to fill it.
if this is an automatic transmission you just put the fluid down the dipstick tube you will need a transmissionfunal to do this and the fluid is Dextron II.
if this truck has a manual transmission you will need to jack the truck up and put on jack stands and go under truck and on the right side of the transmission you will see a check plug that has a square head remove the plug and fill with 80w-90 gear lube till it starts coming out the check hole.
There is no dipstick for a manual transmission on a 94 for f150. To check the fluid you will need to get under the truck and remove a check plug. The plug will be about half way up the trans case either on the left or right side. Take the plug out and put your finger in the hole. The fluid should be withing 1/2 inch of the hole. Make sure you pull the plug that is half way up the case and not the one at the bottom as that one will drain the fluid out.
Add your fluid through the tube that your transmission dip sick come out of. Take out your transmission dipstick(make sure it is not the oil dipstick) put a funnel in the tube and add the trans fluid. Check the fluid when the trans is warm because trans fluid expands with heat and you want to make sure you don't overfill. Add small amounts at a time.
Most likely your clutch is out and need to be replaced, If it is a 5 speed manual transmission.
If its an automatic transmission you may need fluid or rebuild.
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