Beyond Automation: Why Human Skills Still Matter in FX

In an era where automation dominates FX and markets operations, is the value of human skills in danger of being overlooked in favour of the next best technology? Have we lost sight of the core capabilities and qualities that have helped shape the industry’s greatest professionals and institutions? Martina Doherty discusses why soft skills matter more than ever in the increasingly automated world of FX.

In Colin Lambert’s recent Last Look he discussed the over-reliance on technology in FX trading – how dealers struggle with an overwhelm of news, and when technology fails, there is often no human backup. Or where human intervention does exist, it would seem that the necessary skills or autonomy to act decisively is what is lacking.

Balancing technology and human skills in a regulated environment like FX will always be a challenge, however I agree with Colin’s musings of whether the pendulum has swung so far towards technology and automation that the value of the humans and the skills that they bring to the table is being completely sidelined.

Technical expertise, quantifiable outputs, and ROI have always been prioritised in a markets environment. This is often at the expense of strong soft skills, with multiple negative consequences – ‘accidental’ leaders being just one, i.e. people rising to leadership positions without any proven leadership capabilities, which I wrote about in my last article.  It is skills such as critical thinking, emotional intelligence, collaboration, and communication, however, that will amplify employee effectiveness far more than another trading system or messaging platform ever can.

As businesses continue to chase automation in their pursuit of efficiency, human skills seem to be valued in name only, with little focus on helping employees properly develop and improve them. I know of at least three large market institutions that redirect internal requests for training on communication, negotiation, or influencing skills toward free online courses – a passive and completely ineffective approach to developing real-world communication abilities. Unsurprisingly, what generally happens is, that when presented with this option most employees don’t bother engaging, as even they recognise how ineffectual it is. These organisations will all proudly claim to offer extensive training for employee development – but the disconnect is obvious; offering training in name only is not the same as equipping people with the skills they actually need to succeed.

A common assumption is that soft skills training is primarily for junior employees since experienced professionals have already mastered them – or even worse, that non-technical skills that can be naturally developed with experience and no really training is needed.  This is so far from the truth. With workplace culture continuing to evolve, the skills needed to create a positive organisational culture as well as motivate and inspire diverse groups of people have become just as critical as technical expertise. As American author and business educator Marshall Goldsmith famously said “What got you here, won’t get you there”, and in today’s world where workplace culture is under greater scrutiny than ever before, different levels of human-centric skills are now required. The technical brilliance, expertise, longevity or broad network that may have put senior people in their current positions won’t necessarily keep them relevant for the rest of their careers.

It’s time for the industry to recognise that the future of FX depends just as much on smart, more adaptable people as it does on smart technology

The 2025 Future of Jobs Report from the World Economic Forum highlights analytical thinking, resilience, flexibility & agility, and leadership & social influence as the top workplace skills required over the next five years. Although their research is not specific to markets, it’s still broadly indicative of the changing workplace. So for an industry like FX that has been successfully built on relationships and connections, if we are to preserve that, we should rethink how we think about soft skills. Here’s a few ways to do that:

• Drive for balanced skill development – Those in positions of influence should push for a more holistic approach to training that values both technical expertise and soft skills. If meaningful soft skills training doesn’t exist in your organisation, propose interactive more immersive training courses rather than ineffective passive-learning online ones.
• Challenge outdated mindsets – Soft skill training isn’t just for juniors. Start conversations about evolving workplace demands and push for executive training that includes emotional intelligence, adaptability, and communication – skills that can and will continue to define strong teams and leaders.
• Actively develop your own soft skills – Don’t wait for training. Seek opportunities to improve communication, emotional intelligence, and leadership through mentorship or coaching.

In a world completely driven by automation and data, it’s easy to overlook the human element – but it comes at a cost. “Your technical skills might get you in the door, but it will be your soft skills that will get you noticed,” was a brilliant comment from a panel of senior market executives to an audience of young FX professionals that I recently moderated, and that holds true at every level. The ability to think critically, communicate effectively, and lead with emotional intelligence is what sets professionals apart – not their ability to operate systems or leverage technology.

It’s time for the industry to recognise that the future of FX – just like any other high-intensity, high-performance marketplace – depends just as much on smart, more adaptable people as it does on smart technology. And they should invest accordingly.

Martina Doherty is an independent business psychologist, coach and trainer, and founder of MD Consulting