Trading between coins

Hi. How exactly do you make profit by trading between coins? The idea is easy to understand when you trade coins for money. You buy a coin and sell it again for money at another price. But how can you make money by trading between different coins? I don't want to make this complicated. But if you buy BTC with dollars, and you buy ETH with those BTC. It seems to me it’s hard (or impossible?) to keep track of all the variables and know you’re still making profit. Or maybe the right way to do this is to always exchange in same pairs? For example, buy ETH with BTC and always sell it again for BTC before exchanging to FIAT currency? So in other words you always think in pairs and never trade in between 3 or 4 coins?

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