First of all, decide your time horizon and design a diversified portfolio. If you have a truly diversified portfolio then assuming no foreknowledge, you are better off investing lumpsum in it. This will put money into low correlated assets which means some will be at higher prices and some at low. Then rebalance lumpsum at regular intervals. This assumes you have designed your portfolio correctly and you don't have an educated view about the markets. If you have an educated view about markets, you can attempt to wait for a dip to buy. It is a calculated risk you have to take for that extra bit of return. For example, the US market is at quite a high valuation currently. If your time horizon is long, and current valuations don't seem to meet your return expectations, then you could wait it out and buy only on dips. Or buy a substitute market within the same asset class to preserve diversification while you wait and watch. I'm not a fan of DCA - I think it's good only if you have cashflow constraints. There have been studies comparing lumpsum and DCA, you can google it. The fact remains though - there are other things to get right before you think about DCA - your time horizon, and your portfolio design.