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If you would sell every time something reaches all-time high, you would really not make any money.

That would depend on when you bought it.

Picked up 200 shares right before the peak? a modest gain, if that. Maybe you miss the worst of the downturn, though.

Bought 200 shares 10 years ago and now it's peaking? Get them ducets, son.

I think the phrasing is hiding the logic. All-time high doesn't mean the peak. Quite often, all-time highs are followed by more all-time highs. Things can run quite a bit before a correction.

You by definition would make money. If you sell at max price that means you had to have bought it for lower than that. Assuming you didn’t buy for so close to max such that transaction fees are larger than your margin.

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