Did anyone debating over DCA versus other strategies bother to have a look at the blog posts I linked earlier? They are quite short and easy to read, and backed with data over long periods of time (usually the S&P500 because that's where most data is available).
They compare situations like what if imaginary people would have crystal ball and perfectly invested at the dips, or what if you only invest such that you never see a drawdown (keeping a cash warchest and magically investing it every time where the index price will never go lower than that price after that time), ...
If people with perfect crystal balls only slightly outperform DCA, or if being just slightly wrong with the timing (having a less than perfect crystal ball) leads to worse performance than DCA, then maybe DCA is not so evil after all.
A lot of people here react and argument with hindsight of the current crash happening. NO ONE knew exactly that we would experience such a rapid and violent market meltdown one month ago (everyone expected some market fall for sure, but no one knew it would go like this). And currently no one knows exactly when, where and how this will end.
Those who have cashed out fully before the crash were just lucky. They correctly predicted some market fall (but many expected that already given the length of the bull run), but at the time they cashed out, they did not know the amplitude and rapidity of the crash. Would the market fall be limited because the virus didn't turn into potentially the worst pandemic of the last 100 years, these people would have been wrong.
With hindsight, it's easy to brag about having cashed out before the crash. But what that is is simply survivorship bias. They got lucky, good for them (no sarcasm here, I mean it sincerely, good job with your timing, I'm a bit jealous yes I admit). Now it remains to be seen whether they will be lucky about re-entering the market. Probably if they do enter not too late in the recovery phase they will be well compensated for their luck. Good for them. (again, no sarcasm here)
For the other ones who were not lucky to cash out at the perfect time, now it is too late for that. No need to realize losses and sell low. No need to feel despaired because others were more lucky. Just need to clearly see what are the best next steps to survive the long term game.
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Also, saying that there's no dividends with IWDA is a bit misleading. The dividends of the companies don't magically disappear, they are there, just automatically reinvested instead of landing in your cash account. You don't "lose" any dividends by using an accumulating fund.
). Either way, both wins as they generate substantial returns over the decades. Cheers 
