Undoubtedly, without a good study, profits from participating in the IEO or ICO can only be obtained by chance, if you are really lucky.
But don't count on luck, the crypto market is not a place for betting on luck, if you really want to make money, you need to work hard and constantly, which means that you need to study new information and conduct ongoing research and analysis. There are many projects on the market, but your task is to find only the good and the one that will be successful.
You are right, without analysis, just as we bet, relying solely on luck is not the right investment strategy. To invest there are many factors that are analyzed, both technically and fundamentally. If you lack experience, it will be easy to panic so that you are less optimal in managing your funds. The good, first understand the ecosystem, understand the risks, and always on your safest path. DWYOR.
Some investors didn't have a strong foundation in dealing with cryptocurrency trading, that why they're falling into the trap which isn't an appropriate way for them to be panic at all. Most of them were affected with fud and other bad news speculating agains bitcoin and other alts.