本研究係針對在2005年台灣期貨交易所於電子期貨(TE)與金融期貨(TF)中交易至少四個月以上的純日交易者(day-trader)做為研究對象，分別對於電子期貨(TE)與金融期貨(TF)來探討交易者前後期交易的紀律、策略與績效相互影響情況。另外再針對前期最大曝險、紀律、策略與績效對下期最大曝險的影響作探討。研究結果發現，以Cheng et al. (2012)所衍生出的紀律變數DV相較以Locke and Mann (2005)所設計的紀律變數DURv更具有解釋力，另外也發現交易者在前期發生虧損時，下期能承受較大風險以獲得較佳的報酬，此結果支持Coval and Shumway (2005)的發現。

The research is aimed at the subject – the pure day traders who traded in the electronic futures and the financial futures at least four months in Taiwan Futures Exchange during 2005. Separately regarding the electronic futures and the financial futures, the research investigates into the mutual influence between the traders, disciplines, strategies, and the performances in the preceding and current periods. Furthermore, the research also investigates how the most exposure, discipline, strategies, and performances in the preceding periods influence the most exposure in the next periods. The results of the research suggest that based on Cheng et al. (2012) derivative discipline variable DV and Locke and Mann (2005) designed discipline variable DURv, Cheng et al. (2012) has been more explainable. On the other hand, the research also suggests that when the traders had had losses in the prior period, they could bear greater risk to get better gains. The conclusion supports Coval and Shumway (2005) research findings.

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