pajero atf hot light

Hi my 1990 pajero auto transmission shift is very loose and innacurate (have to yank it all the way back to get it into drive) and the atf hot light comes on after a few miles. the linkage underneath seems ok and when I refilled and checked the level the fluid seems clean with no burnt smell. Is this just a knackered transmission and is it likely to fail suddenly or can I limp on with it for now?

good to see that you changed atf already. have the tranny checked, and you might need an overhaul. better yet, if they recommend that, save up for a replacement instead.