Unlike fixed-income products, financial consumers who invest in financial investment products face situations of gain or loss after investing. One of the most frequently reported behaviors of investors in such situations is the disposition effect. This refers to the phenomenon in which investors sell winning stocks too early and hold losing stocks too long (Shefrin and Statman 1985). The disposition effect is a type of behavioral bias, and its consequences not only affect profit and loss but also influence decision-making in situations where gains or losses have already been realized after disposition, making it closely related to the welfare of financial consumers. Therefore, recent studies on the disposition effect have focused on individual differences. However, existing research findings on the disposition effect show mixed results, with cases where the disposition effect occurs and cases where it does not occur or is weakened, and in post-disposition decision-making where gains or losses have already been realized, both risk-seeking and risk-averse phenomena appear in mixed fashion. The primary purpose of this paper is to examine in a laboratory setting whether regulatory focus, driven by investment purpose or motivation, moderates the impact of the disposition effect and realized gains/losses on financial consumers' decision-making. The research findings are as follows: 1) The disposition effect was found to occur at the individual level among financial consumers. 2) This disposition effect was more pronounced among prevention-focused financial consumers than among promotion-focused financial consumers. (Among promotion-focused financial consumers, the effect was either weak or not statistically significant.) 3) In gain situations, the proportion of action (selling or buying after selling) was higher than the proportion of inaction (holding), but there was no difference in disposition between regulatory focus conditions. 4) In loss situations, the proportion of status quo maintenance (holding) was high, and differences in disposition between regulatory focus conditions emerged (in loss situations, prevention-focused financial consumers exhibited more status quo maintenance than promotion-focused financial consumers). 5) In situations where prior gains had occurred, there was no difference in disposition between regulatory focus conditions in subsequent decision-making, but in situations where prior losses had occurred, differences in disposition between regulatory focus conditions emerged in subsequent decision-making. Theoretically, the findings of this study are significant in that the disposition effect does not occur universally for everyone but can vary depending on investment purpose or motivation, and that differences in subsequent decision-making in situations where gains or losses have already been realized can be explained by regulatory focus. Practically, given that the disposition effect is closely related to the performance of financial consumers, this study offers implications for policymakers, financial companies, financial investment product advisory staff, and academia involved in financial education.