Explorer w\ a go cart clutch?

Ive recently puirchased a 92 explorer 4wd 4.0L automatic transmission.
The problem is when I go to pull off, the engine tachs up but it takes off slow. Almost the same as a centrifugal go kart clutch. I have changed filters, run it checked the fluid (level) and replaced the modulater valve. Are there any bands to be adjusted that may get me going.

Any help would be greatly appreciated!!!