Firstly, I think you need to familiarize yourself with Cryptocurrency in general. That being done, you should have a background knowledge of investment. You should be able to apply the basic tips of investment so as not to run at a loss not because you  did not invest in a good project but because your investment plan was poor.

Then we can talk about reading the Whitepaper of the ICO. This is as important as your funds. A good ICO has a good, well planned, and coincise Whitepaper. The Whitepaper is the project doulcument that shows what the project is all about. More like a business plan. There you get to know what the project had to offer and the Project team. Also, how the project team plans to execute their plans.