False, most traders DO think about catching tops and bottoms and is probably why most fail. Trying to pick tops/bottoms is much more difficult than riding a macro trend.
He had a model called "fade the stupids" which was a top caller, basically - the idea was to fade traders who buy tops. It seemed to work for a few cents, as he was making live calls in the ES journal, but no one believed he was slinging a real account with it. I guess "the stupids" were smart to buy that "top", way back when!