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The Formula 1 grid and the trade floor may seem very different worlds, but there are striking similarities between the mental skillsets possessed by the top operators in both fields. Whether it’s pulling off a high speed overtake at a crucial moment in a race or executing a winning trade at the perfect time, the ability to perform under pressure is key. Below are a few examples of what helps elevate these elite performers from the rest:

1. UNDERSTAND YOURSELF

In order to manage pressure more effectively you must firstly be able to identify how you respond to pressure. The mind is wired to respond to pressure by activating the emotional centre for thinking, this part of the brain has been designed in an evolutionary sense to provide a strong signal to the body that there may be impending danger, and therefore thinking can as a result become catastrophic, illogical, irrational – all of which are problematic in the high stakes world of trading and Formula 1!

In order to ensure that the crucial cognitive skills required to excel in these environments aren’t severely inhibited, top performers require heightened levels of self and emotional awareness. A good starting point is to address the following questions:

  • What are my early warning signs that I’m experiencing pressure?
  • What are the signs that my thinking is moving from logical/rational to emotional?
  • How does pressure impact my risk management – do I become more optimistic or prudent?
  • What tools do I have in place to manage emotion when I feel like my decision making or problem solving ability is impeded?

2. DEVELOP RESILIENCE

The ability to be psychologically resilient can often be the defining factor in environments that demand incredibly high levels of mental stamina, focus and concentration and large swings between daily wins and losses. Much research has looked into why elite traders or F1 drivers are able to manage these demanding conditions better than most and suggest that demonstrating this mental fortitude requires:

  • Key personal characteristics – having an optimistic, forward looking mentality, being able to distinguish between motivation and commitment, belief in ones own skill and the ability to maintain a focus on the controllables have all be shown to be traits of resilient performers
  • Challenge mindset – acknowledging the realities and difficulties of the task at hand and being driven to achieve rather than fearful of failing has been shown to be the optimal mindset
  • Utilising social support – surrounding yourself with people who can challenge and support you in equal measure can further reinforce a resilient approach

3. HAVE A PLAN

Precision and attention to detail are key cornerstones of performance in Formula 1 – every part of performance is broken down into metrics that can be measured and assessed. The very same can be said in relation to how traders put together their game plans and review their performances, this continued quest for progress and the pursuit of excellence means when in heat of the moment, a top performer can ensure that they have all the information to hand to make the right decision. Here are some simple starting points to achieve this:

  • Rehearse – Start the day with a plan for what you hope to achieve, where the potential challenges may lie and any key learnings from the day before
  • Reflect – Use the end of the day to look back on work conducted and extract key information to use going forward. A useful structure can be the 4Ls method – what did you like, learn, lack & look forward to.

4. FAIL FAST

When performing at an elite level, winning all of the time or guaranteeing success is impossible, quite the opposite in fact – professional athletes and successful traders spend much of their career managing losses. This is why learning how to lose and ‘failing fast’ is a critical skill. It requires setting the right expectations, acknowledging the realities of their performance environment and doing their best to ensure that the same mistake isn’t made twice. Here are a few tools employed to aid this:

  • Fixed v growth mindset – to fail fast, performers need to take feedback, try new things and learn from errors (growth) rather than play it safe, see failure as permanent or refuse to be challenged (fixed)
  • Set process goals – whilst strong emotional reactions often come from focusing on the outcome of an event, the skill lies in identifying the contributing factors towards this and establishing process (controllable) goals looking forward to improve

Trainer Bio…

Chris Gooder

Performance Director

With over 15 years of applied experience, Chris has a distinguished background in the field of Performance Psychology, supporting clients and teams from the world of business and elite level sport. His expertise in the areas of resilience, emotional management, team dynamics and decision making have enabled him to optimise the performance of those who are required to thrive in environments of extreme pressure.

Having started his career in elite level football, Chris went on to work with world class athletes in Tour level tennis and golf, Olympic disciplines and UCI ProTour cycling. His more recent experience has been as part of the renowned Performance Psychology team at the FA working with England football teams and perhaps most notably as the most recognised figure in delivering Performance Psychology in Formula 1, over an 8 season period supporting numerous drivers and teams.

From the Formula 1 paddock to the boardroom, Chris has taken his learning from working with world class operators in the sporting space and translated this to business, delivering human performance programmes across a range of industries, to organisations including Goldman Sachs, UBS, Samsung and Laing O’Rourke.

As Onyx’s Performance Director, Chris works closely with the traders and leadership groups to optimise operations, foster an environment of continuous improvement and ensure that the team are equipped with the best tools to deliver results, in a world where demonstrating resilience and making the right decision under pressure is paramount.

As a keen sportsman himself, when not at the office Chris can be found on a golf course (attempting to!) perfect his swing as well as maintaining his fitness by running around after his young children.