Dollar-cost averaging works best when securities prices are erratic. That is, they move about from one day or one week or one month to the next. Dollar averaging is not as practical when a security is in a long-term upward growth trend.
There is, therefore, conflicting research on the subject.
Problem: It is hard to know in advance when most securities will be in an upward growth pattern. Besides, most investors do not have a lump sum of funds to invest all at once. So they resort to dollar averaging as a practical strategy.
I would continue its use.
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