The toggle links could be too slack- they should be quite close to level across with the hammer at rest. Turn the nut, or both if it's newer, to bring them up. Check the spring, it could be worn out. Also, check the bottom of the crank plate opposite the ram for wear. If the toggle linkage is too slack or otherwise maladjusted, the ram could be hitting the crankplate at the top of the stroke. I built new toggle arms and adjusted my hammer a lot, but still had to cut the top 3/4 inch off of the back ram "v" to stop it from hitting the crank plate. I got that from Sid Suedmeier, so it's an acceptable practice. If you're not sure, put a piece of masking tape around the crank plate and run the hammer, then check the tape for scarring.
Also, check your ram for smooth travel throughout the stroke. A wrongly spaced or misaligned front "v" could be causing binding or erratic ram travel. It can be shimmed out, or shims removed to get a nice glide throughout the stroke. I had to actually bend the top of my front ram guide out to make the v ways parallel.
Also, depending on the thickness of your stock, your dies may be too close together or even far apart. For general purpose forging up to 2.5" thickness, with the ram at the bottom of the stroke and at rest, you want about 1.5" between the dies.
You can call Sid at Little Giant, he's super helpful. Also, Dave Sloan here on the forums is very good with LG hammers.
Look for my "LG 50 rebuild" thread, lots of pics and text there about making one run well again.