本研究係以針對在2005年台灣期貨交易所(TAIFEX)於電子期貨(TE)與金融期貨(TF)中交易了大於等於四個月以上的純日交易者(day-trader)做為研究對象，以投資者前期的投資紀律與績效來探討對其下期之投資紀律的影響。我們除了以整體的面向進行討論外，另外也進而歸納出一群擁有較高紀律(最高30%)的投資者與另一群較無紀律(最低30%)的投資者比較之，以研究擁有較高紀律的投資者與較無紀律的投資者的差異。研究結果發現，無論是在電子或金融期貨中，投資者前期的投資紀律與績效的確會影響到其下期之投資紀律，且較高紀律者確實擁有比較無紀律的交易者還高的平均獲利；另外，也發現前期獲利者，在下期較為願意承受較高風險，且願意承受較高風險的投資者會比不願意承受較高風險者獲得更高的報酬。而以上各結果分別支持了Locke and Mann (2005)、Cheng et al. (2012) 、Coval and Shumway(2005)的發現與William O’ Neil (2009)的看法。

This study investigates day-traders of electronic futures (TE) and financial futures(TF) in Taiwan Futures Exchange(TAIFEX) in 2005. We use day traders which trade more than 4 months as our sample to find out the possible impact of prior discipline behavior and prior profitability on current discipline behavior. Except discuss the whole aspect of these day-traders here, in order to compare the difference between the higher discipline traders and lower discipline traders, we also categorize these investors into two categories: topper 30% (higher discipline) and lower 30% (lower discipline).

These results suggest that no matter taders in electronic futures(TE) or financial futures(TF), prior discipline behavior and prior profitability will really have impact on current discipline behavior. And higher discipline traders have better performance. In addition, we also found that traders who have gain in prior period are willing to take higher risk in the next period. And taders who are willing to take higher risk will have better performance. This results support the findings of Locke and Mann (2005), Cheng et al. (2011), Coval and Shumway (2005) and William O’ Neil (2009).

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