Exchange is not a wallet. its a simple exchange and always there is a risk of hacking and bankrupt.
Wallet is the right place to store your coins. Do you ever left your money in a exchange office in real world?

Wallet for sure. Preferably hardware like Trezor or Ledger nano if we are talking about large amounts.
It is better to pay once and be calm.

If you are constantly trading, then of course it's better to exchange, for faster operations. If you keep money for a long a then wallet, because it isn't known what will happen to the exchange or the government will close or some restrictions will be introduced

Totally agree! If nobody steal it, then you just can loose it, because the exchange not listed coin any more.

I prefer to keep all my coins in exchange but not in 1 exchange, at the moment i used 7 different exchange just want to be more safe, because keep all money in 1 exchange is risky, and by keep in different exchange i can trade it for day trading or swing trading in efisien. Although keep in exchange more risky than in wallet but my purpose to get profit from trading.

It depends over your requirement. In case you are keeping coins over a long term hold, its always better to keep them secure in the hardware wallet, however if you are keeping tokens to day trade, its better to have them in exchange.

As of now that I am very new in this forum I would rather store my token in my wallet because it is early to transact for exchange because of little amount of token I have.

for better you also Keep in wallet for security for your koin. But if you want to trade your coins then obviously an exchange. If you want to hold then wallet is best, total control over your assets on your hand because you have the keys to access wallet. my opinion Wallet is more safer then an exchange.

People use both and both work well. Both can get hacked, so there is no clear advantage. If you remember, a lot of people's wallets have been hacked but so have exchanges which meant people's coins were gone. It is unlikely they can get them back. But if you follow correct procedures most of the time you should be safe.

     I must say, that is the stupidest advice anyone could give to any crypto person. Thee one who taught you that may be a person that is in a different level of stupidity or has a master's degree on being stupid. You can never lose your coins easily on a wallet if you are very careful with all your possessions or coins. clearly, you were careless and haven't taken the time to read on what precautionary things you should do to keep your coins safe. You should read more. Putting all your possessions on an exchange is like giving control to your funds to other people or just like handing your money to the banks that can change terms whenever they want to and gives you no choice but to agree to them since your possessions are in their hands. Read more man.