I am wondering how this works...I see people say they make a good living doing this but you must need a good amount of coin to make this work.
Anyone that does this give me some insight into how this works?

2 options:
-buy bitcoin, HOLD, and sell after the price reach as you wish(long term i think, dependent the price reach as you wish). Buy on the exchanger like Coinbase, Bitstamp than Hold on your cold wallet, remember, don't store your coins on the exchanger.
-trading on platform(short term), you can get more profit if your analysis is good.
~iki