I haven done this severally and been able to pull it off, I previously was in doubt of this actually been a profitable way of trading until I tried it myself and found it lucrative although it does have its disadvantage as others have highlighted here and I don't have to go through the details again. With my experience, when new listing are announced usually there's a spike as the coins get listed on the new exchange and that's when you can take advantage of this.

With the new exchange listing, you have to make sure some factors are in place like deposit and withdrawal has been enabled before you buy on the exchange unless you will be left hanging and can take advantage of the difference in price. Exchanges know traders do this so they have stopped the immediate withdrawal and deposit on newly listed coin so I haven't done this for quite a long time now.