ICO investment is lucrative, but it is risky too for the following reasons:
1. Team efficiency as well as expertise to bring the ICO
2. Features of the coin must be innovative as well as distinctive.
3. That currency must be incorporated in renowned exchanger
4. Trade volume need to be high to create buzz.
1 and 2 are right, but 3 and 4, I think you should consider to apply this rule for some projects. The purpose of ICO isn't only to listing on major exchange. Trading volume depends on the mentaltily of investor and community of that ICO project. There're many good projects still not list on major exchange like KICKICO, until the last month this coin got listed to Kucoin. However, for the ability of this coin, it can be list on Binance or Bittrex.