A terminal feed mechanism (16) is provided for an applicator (10) for attaching terminals (198) to electrical conductors. The feed mechanism (16) includes first, second, and third pivoting links (34, 36, 38), the first and second of which are pivotally coupled by means of gear teeth (52, 54). The second and third links (36, 38) are coupled by an adjustable slide member (84) that is in sliding engagement with the third link (38). The position of the slide member with respect to the third link governs the length of the feed stroke. A feed finger (170) that engages and advances the strip (196) of terminals (198) is carried by another adjusting mechanism (46) that independently controls the feed end point of the feed finger (170).