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If you really have no idea and don't want to study enough to form a reasoned opinion or actively time the market, the best approach is to bet on the long-term average - which is that the market goes up, so you should put ALL of the money into the market NOW.

Well said. The DCA effect is a useful side-effect of a regular investing plan, but that effect should never be chased as the major component of a strategy. Since the market on average goes up over time, you're always better off investing as soon as possible. Only if you don't yet _have_ the money you want to invest, but plan to accumulate it over time, does DCAing make sense.

- Erik
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