I think there is a ton of profit to be made in terms of Token Sales. The issue is getting through all the noise to find ICOs that have a real business model, solid team and the social media capacity to raise awareness about their product.
3 years ago there was this joke in Silicon Valley that startups could add AI to anything and raise huge amounts of investment capital. Most ICO's are doing something similar - adding "decentralization" , "blockchain" or "cryptocurrency for XYZ industry" and raising money through Token Sales.
Assuming you have done all that research, i would say real profit happens in Private / Pre-sale. The discounts can be soo massive, that you can potentially get a 4x- 5x return on your investment. The only thing is that you need to remember to sell all your tokens the second the ICO gets listed on a public exchange.... Otherwise have fun waiting for the coin value to go back up.
![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
P.s. It sucks being in the US. We keep getting screened for KYC and not allowed to invest.
![Sad](https://bitcointalk.org/Smileys/default/sad.gif)