[nathanasmith]

That requires holding a balance of LTC on different exchanges which is great if you really like LTC but personally I don't since you can't really trade that much with it other than BTC and USDT/EUR. Ethereum on the other hand has a ton of trading pairs on many exchanges so I would consider your strategy with it. Only issue is, arbitrage opportunities with Ethereum come around a lot less often than with LTC so I'm unlikely to hold ETH just waiting for that. To make a long story short, my base currency for trading is BTC so that's what I like to hodl. When an opportunity for arbitrage comes up, I take my chances buying, transferring to another exchange, selling, then transferring the BTC back. Successful trading is predicated on the probabilities being in your favor and a >5% arbitrage spread, usually (not always) works out. At least it works out enough to make it worth your while.

[SilasX]

LTC was just an example of a cryptocurrency; I was asking about the strategy in general.

[nathanasmith]

In that case, then yes, it is a good strategy. Find a currency you like holding and have some of it on as many exchanges as you want. When the price gets out of whack, sell on one exchange and buy on the other. Square up when it's convenient.