in my experiece not both of them if you want with sure profit, for sure follow the project when the gon bounty and ico runing, but not buy at ico, after thats make sure the project run well, and you buy at first listing the token at exchanger, in 2-3 day lets see the price and you can sell and make a profit.
today the situation has changed a bit and even investments in Bitcoin have a certain risk. Nevertheless, due to the large number of scams in the ico market, this type of investment is also under threat. In any case, Everyone decides for himself and makes a choice personally.