Which is more risky buying a token from the ICO or in trading?
I think buying ICO Tokens is slightly more risky than (day-)trading. The "new" coin hasn't proved its price yet; whereas other altcoins that have been traded for a while usally have support zones; so the risk can be "calculated".
Though, the more risk, the more profits (or losses), so i think a good mix of doing both is perfect!