Mate, if you are haven't invested in ICO,then don't even start.
Why do you need to risk so much if there are plenty of altcoins you can buy on exchange and their product is something more than MVP?
It even surprises me the importance some of these so called ICOs or the benefit they tend to bring into the space, considering that most of them are actually just the same thing and they all have nothing to offer based on the fact that they have no product at all to show for it let alone, convince smart investors to want to invest. There are so many ICOs that are even trading below ICO price right now and for anyone who is smart enough to identify at least the ones with good product and long term potentials, they can at least pick some of the ones on reliable exchanges right now as that would even reduce the risk to some extent.
If you would make a good investigation before taking part in ICO than yes. ICOs could be very profitable even on the falling market but the hardest choice is to select the best one from the variety of projects that are live now.
While investing in ICO, you have to be very diligent and pay enough attention to details when it comes to your findings. To become an investor is one thing, but to be a smart investor is one other thing and the latter is one thing we do not get to find often in this space at all. To be able to get the best from the ICO space, you want to make sure you are not lazy to dig up the team, find out enough you can on the product and make sure it is a project worth being a part of; otherwise, you will be wasting your funds on scams.