Different orchids have different type of flower and spike. So first of all, you should identify what type of orchid you have first. But let me assume that you are referring to the most common orchid, Phalaenopsis, since it does have one of the most conspicuous spikes.
The spike of Phalaenopsis has the ability to rebloom, albeit the flowers will be smaller and fewer in the second bloom. Here’s what you do if you would like a second batch of flower: use a new or disinfected razor blade and cut right above the second nodes from the base. A node is the little brown or green shield along the spike. If luck is with you, another spike will emerge from new top node.
Usually freely-branched Phalaenopsis is more likely to send out a second spike.
But if your orchid is relatively young, or is somewhat week, my suggestion is that you forego pushing more flowering from the same spike. In this case, just cut the spike at the very base. This will let the plant recuperate. Months later when the plant sends out another spike from the base, your flowers will be more numerous, bigger and stronger.
For non-Phalaenopsis orchids, you can just go ahead and cut the spike from the base as well.
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