The existing literature on the effects of stress on memory is inconsistent, to the point of being undecided about whether stress improves memory of an event or makes it worse. Stress forms a continuum from mild shock through to severe trauma but the effects on memory, although varying greatly in magnitude, are qualitatively similar. The research presented in this paper is a mixed methods study consisting of a qualitative survey of the effects of stress on memory based on the clinical experience of one of the authors, and an empirical study using a modification of the trauma film paradigm to determine the effects on memory of a mild stressor. The study then uses the similarity of stress response across the spectrum to extrapolate results from the experimental programme to a more general understanding of the effects of stress on memory. The results indicate that timing is key. The results show enhanced recall of earlier elements of a stress-related episode, which are also generally the most emotionally laden, and much reduced recall of later elements. These results have implications clinically and also point to the brain mechanisms that might be involved, specifically that the direct action of neurotransmitters released in response to stress improve memory of the most immediate elements, which are also the most emotionally laden, and the processes that restore homeostasis have the opposite effect.