Ashdon Brown, Head of Energy Trading at Charles Levick, recently ran a poll on Linkedin asking a simple question: What separates top energy traders in today’s market?
We had over 160 respondents and the results look like this:
- Risk control – 35%
- Adaptability – 29%
- Market view – 20%
- Execution – 16%
While certainly not a definitive or exhaustive piece of research, it is a useful snapshot of how the market is thinking right now because it reflects a broader shift we’re already seeing across power and gas trading desks, and hearing from hiring managers when they brief us.
Volatility is still there, but it’s harder to interpret; direction exists but it’s harder to hold; and increasingly, performance is being defined less by being “right” and more by how traders operate within that uncertainty.
That broader shift is well documented. Regulators and market observers, including Agency for the Cooperation of Energy Regulators (ACER), have pointed to persistent price volatility across European power markets, not just in day-ahead pricing but increasingly in intraday and balancing markets. At the same time, research from the International Monetary Fund (IMF) highlights how interconnected European electricity markets have become, with cross-border dynamics playing a growing role in price formation.
Risk control has moved to the centre of performance
The standout result from the poll is the emphasis on risk control which aligns with what we’re seeing across the market. In more volatile, interconnected systems, opportunity and risk move together. Strong P&L is no longer just about identifying the trade, it’s about managing exposure as conditions shift.
The traders who stand out are not necessarily those with the strongest directional view, but those who can:
- Size positions effectively
- Manage drawdowns
- Adjust quickly when the market moves against them
- Stay disciplined under pressure
Recent market analysis supports this shift. ACER’s latest European market monitoring work highlights the growing frequency of extreme price events and the increasing importance of short-term flexibility. In that environment, risk management becomes part of the trading edge, not something that sits alongside it.
From a hiring perspective, this is changing how performance is assessed. Track record still matters, but clients are placing more weight on how that performance was delivered, particularly in volatile regimes.
Consistency, control and decision-making under pressure are becoming stronger signals than headline numbers alone.
Adaptability is becoming a core requirement
Adaptability ranking second is just as telling. Power and gas markets are being reshaped by renewables, cross-border flows and shifting liquidity conditions. As highlighted in analysis from Montel on energy trading in Denmark, intraday price movements are increasingly driven not just by physical fundamentals like weather, but by economic decisions, flexibility constraints and participant behaviour.
That creates a more dynamic, less stable trading environment and as a result, firms are increasingly looking for traders who can:
- Operate across changing market conditions
- Adjust their approach as volatility regimes shift
- Combine fundamental and behavioural signals
- Stay effective without relying on a fixed playbook
We’re also seeing greater overlap between trading, analytics and risk. The ability to interpret data, challenge assumptions and respond in real time is becoming more valuable than a purely static strategy.
Market view still matters, but it’s less defensible on its own
Only 20% of respondents selected market view, which doesn’t necessarily mean insight is less important but rather it’s less sufficient on its own.
Markets are more connected than they were. The IMF has highlighted that price movements across European power markets are increasingly influenced by cross-border spillovers rather than purely domestic drivers.
In practical terms, that means even well-founded views can be disrupted by factors outside a trader’s immediate market.
What clients are increasingly looking for is not just a strong view, but how that view is applied:
- When to express it
- How much risk to take
- When to step back
- How to adjust as conditions evolve
The ability to operate within uncertainty is becoming just as important as the ability to analyse it.
Execution is now expected, not differentiating for top energy traders
Execution ranking lowest is perhaps the most interesting result. In reality, execution hasn’t become less important but rather, it’s now regarded as the baseline.
Access to better tools, faster data and more sophisticated systems has raised the standard across the board. As noted in broader commodity trading analysis from McKinsey & Company, advances in data, analytics and technology are reshaping how trading desks operate and compete.
While poor execution is quickly exposed, strong execution alone is rarely enough to create a consistent edge and that’s reflected in hiring as well. Firms are not just hiring traders but building broader capability across:
- Risk
- Analytics
- Quantitative functions
- Scheduling and operations
So while Execution still matters, it is increasingly part of a wider system rather than a standalone differentiator.
What the modern trading skill stack looks like
Taken together, the poll results, and what we’re seeing across the market, point to a broader shift in what “good” looks like. The strongest profiles today tend to combine:
Risk discipline
The ability to manage downside and protect performance in volatile conditions
Adaptability
Comfort operating across changing market regimes and adjusting approach quickly
Data awareness
The ability to interpret signals, engage with analytics and incorporate real-time information
Commercial judgement
Knowing when to press, when to reduce risk and when not to force a trade
Market understanding
Still essential — but applied dynamically rather than statically
There will always be value in strong market instinct, that hasn’t changed, but the environment that instinct operates within certainly has.
Ashdon Brown, Head of Energy Trading, partners with leading energy and commodities firms, supporting the build-out of high-performing trading and origination teams across Europe, the UK and the US.
