Yes, you must squeeze your tofu. squeeze, Squeeze, SQUEEZE!!! :lol
Seriously, you will get the tougher texture if you squeeze it for a while. Jessica does it overnight. I usually do it in the morning and then eat it for dinner. I use a bunch of paper towels on either side of the tofu block. Then I put giant phone books on top of it. (You might want to use plastic wrap, too, if you care deeply about your phone books.) In addition to the tofu leaking out its water due to the squeezing, the paper towels suck out even more water.
I also stir-fry the HECK outta my tofu. Like, 20 minutes minimum.
Hope that helps.
