I had a debate with a friend about which is better, purchasing a token new token before its listing on an exchange or the moment it gets listed.
Before listing on exchange(s) is right time to buy. If token has reached cex, I consider it a lost opportunity, and would refrain to invest in it.
I feel like purchasing a token before the listing gives much more space for profit, but he mentioned that there's also a huge risk of not knowing whether it will end up getting listed and that was a fair point. He also raised the point that buying tokens after their listing was safer, but even if it's true that it holds less profit potential than the former, it also has huge potential if it gets listed on a top exchange.
Tokens that will make to an exchange will give you amount of profits that will cover for the tokens that didn't make it to an exchange.
To be successful in in this hunt — you will require research, experience and luck.