Answer: Sounds like you are doing everything right. When the stem begins to shrivel, cut it off near the foliage level (to hide the little stump until it falls off on its own). Your plant will rest for a while and then send up a new flower stem. The aerial roots should be left alone. They are part of the character of terrestial plants such as orchids and add interest to your plant.
Continue to give your orchid excellent care and it will reward you with new flowers later in the year.
Q&A Library Searching Tips