The notion of Trauma emerged in all of its importance in Ferenczi’s work. Subsequent papers by Freud and after the Second World War by post-Freudians such as Winnicott, Balint, Klein, Heimann, Fairbairn, Bion, Ogden, and others have become our travelling companions. With reference to scattered remarks in Ferenczi’s (1932) Clinical Diary and in some of his less known works, this account reconstructs the dramatic process of the analysis of Ferenczi’s highly important patient, his colleague “R.N.” (Elizabeth Severn). It shows how much we can learn from these historical documents and from the experience that underlies them. Comments, remarks and questions take us to the very heart of Ferenczi’s psychoanalytical thinking. They may well provide a stimulus for thinking again about some important topics that have to do with psychoanalysis as it is practiced in contemporary society and the problems of human relationships and emotions in general.