此研究分析交易者的交易行為以及損失獲利如何影響其存活結果。交易資料使用台灣期貨市場中的台灣股票指數期貨。此研究討論交易者是否會在經歷損失以後離開期貨市場。此研究發現交易者的交易經驗、交易次數以及累計報酬會正面影響交易者的存活。交易者交易次數越頻繁，交易者因為損失而離開市場的可能性越小。此外，交易者的累計損失、GSLL (Gains Short Loss Long)以及GFLM (Gains Few Loss Many) 會負向影響交易者的存活。研究發現當越接近離開市場的損失次數越多，交易者因為損失而離開市場的風險則越高。另一方面而言，當交易者持有獲利部位在較短的期間且持有損失部位在較長的期間時，會使得交易者因為投資行為偏誤而在期貨市場中存活時間較短。另外，當交易者獲利的數量較少而損失的數量較多時，交易者因為損失而存活時間較短。最後，長期投資者、境外投資者以及機構投資者會因為損失而更傾向於離開期貨市場。

This study is to analyze the impact of several traders trading behavior and gains or losses on the survival of traders. Our sample is from Taiwan Stock Index Futures (TX) Contract. We study whether traders may leave the market after experience losses. This study find that the survival of traders is positively influenced by trader experience, number of round trip and cumulative payoff. The more often traders trade, the less likely they will leave the market as the results of losses. Besides, the survival of traders is negatively affected by cumulative frequency of losses, GSLL and GFLM. When the nearest frequency of losses increases, the risk of leaving the market because of losses might also increase. On the other hand, when traders hold gaining positions in shorter period and hold losing positions in longer period, traders will survive shorter in the futures market because of the irrational behavior. Moreover, as traders gain in few amount and loss in many amount, traders will survive shorter in the futures market owing to losses. Finally, position traders, foreign and institutional traders are more prone to leave the market due to losses.

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