Investing in ICOs can still be very profitable as they once were but the fact is that most projects are scam or low rated.
You have to be very careful to not invest in those scams projects and in a case where you miss out on those top rated projects then you should be ready to wait to buy them on exchanges.
To find a good project will have to spend a lot of time and effort, but even this does not guarantee profit, top altcoins are already time-tested and are cheap, why complicate your life