Modern investors have been disadvantaged by the automated trading programs used by major trading institutions. When the market crashed in 2000, Ed Barsano recognized this and decided to create Cool Trader Pro automated stock trading software. This program puts all traders on the same playing field with major companies by making trades automatically all the time based on chosen criteria. This Cool Trader Pro review shows the workings of the system and what makes it unique.
What Is Cool Trader Pro?
Cool Trader Pro is a software system that lets the average stock trader engage in automated stock trading. In contrast to manual trading, which requires frequent analysis and attention to tiny changes in the market, trading with Cool Trader Pro simply involves establishing rules and letting the program pick and make profitable trades.
Although Cool Trader Pro requires users to set the rules that dictate the program’s actions, new traders don’t have to worry about this step. The software lets users choose from an assortment of effective strategies and get started right away. At the same time, advanced users can build a trading system that meets their needs by using the program’s point-and-click Strategy Wizard.
Some stock investors have been reluctant to start using Cool Trader Pro because their brokers told them that it doesn’t work. After all, they reason, if the software really automated the trading process, wouldn’t all professionals use it every day? The truth is that many financial advisors do use Cool Trader Pro with great results for their clients. Stock brokers could use the software, but it wouldn’t be practical for brokers working with hundreds of clients to use hundreds of instances of the program on hundreds of computers.
What Computing Requirements Does Cool Trader Pro Have?
Ed Barsano, who worked at Microsoft in several positions including software developer, designed Cool Trader Pro to work on Microsoft Windows. However, Mac users can also use the software by installing the Microsoft emulator Parallels. Cool Trader Pro works best on computers running at least 4 GB of RAM.
How Does Cool Trader Pro Work?
Cool Trader Pro buys and sells trades based on criteria that users either select or design with the Strategy Wizard. The program only buys symbols within the price range designated by the user, and it adds and removes stocks from the watch list as prices change. Both fundamental and technical aspects of trading can be adjusted, making it possible for users to modify the program’s workings to match their current levels of manual monitoring and technical understanding.
Users don’t need prior trading experience to take advantage of the program’s features. However, the software does include a simulator mode so users can increase their trading confidence before buying and selling on the market. This simulator mode can be used in combination with data feeds from brokers, making it a valuable tool for gaining experience. It’s important to note that you don’t actually have to have an account with a brokerage when you’re ready to start trading with Cool Trader Pro. You can trade without a brokerage account, but the company recommends that you get one eventually to take advantage of more complex data as you refine your approach.
Cool Trader Pro does not currently support trading of futures or commodities. However, users can trade currencies, also known as forex, and equities. Unfortunately, the software doesn’t support index trading. However, this can actually be a good thing because rather than waiting a long time for profits from index trades, users can profit daily thanks to the program’s ability to constantly monitor prices of individual stocks. Margin accounts can also be used with Cool Trader Pro by traders who want to short the market.
What if the Computer Shuts Off?
It’s easy to imagine the problems that might occur if automated stock trading software were to shut off due to sudden loss of power or Internet connectivity. The designers of Cool Trader Pro have addressed this issue with a number of safeguards. If your computer goes offline, the program will stop trading instantly as your positions are kept in a buy-and-hold mode. In addition, an included program called Watchdog is always running in the background. If Cool Trader Pro were to freeze, Watchdog would relaunch it again after five minutes. If you go on vacation, you can easily leave the software running and check it using any remote access software.
How Is Cool Trader Pro Unique?
Cool Trader Pro isn’t available from any other company, and it has remained the only fully automated stock trading program that doesn’t require its users to know how to program computers. Most competitors offering supposedly automated trading software really only send users alerts about market changes rather than buying and selling automatically. The pre-loaded strategies and Strategy Wizard make profitable trading possible for anyone who can use a computer mouse.
Some people have questioned whether the availability of Cool Trader Pro might saturate the market as more users move to automated trading. In reality, the trades being made by individuals can hardly compare in number to the hundreds of millions of daily trades being made by huge investment firms. However, this software gives investors a major boost by handing them automation rivaling that used by major companies.
How Much Does Cool Trader Pro Cost?
The initial cost of the software is $3,500, which also covers the first year’s subscription. Afterwards, the annual fee drops to $1,500, which breaks down to $125 per month. However, the company is currently offering a promotion in which the monthly fee is waived for the first two to three years based on the date of purchase. This deal may disappear after more investors buy the software. Registered users can easily transfer the software to another user if they no longer need it at any point. Costs of trading depend on the broker, with many charging one dollar for each of the first 200 trades. However, users of Cool Trader Pro can get a discount on TD Ameritrade brokerage services by registering through a link on the Cool Trade website.
Cool Trader Pro enables automated trading for users without programming ability. Pre-set strategies and options on the Strategy Wizard reflect suggestions and feedback received by Cool Trade since it released this software in 2005. Thousands of traders, ranging in experience from novice to professional and located in more than 40 countries, use Cool Trader Pro to make profitable trades on not only AMEX, NYSE and NASDAQ but also six foreign exchanges: Australia, Singapore, Hong Kong, Toronto, London and India.
Upon buying Cool Trader Pro, users can immediately download the program and have access to six videos that walk users through the set-up process. Also included in the purchase price is an eight-hour live training class. Finally, users can get CDs containing supplementary training and have access to customer service and technical support by phone or email during business hours and on weekends. As program upgrades are released, they are available to Cool Trader Pro owners at no additional cost.
Stealth Mode is one of the best and most unique features offered by Cool Trader Pro. In manual trading, a trader’s limit order is visible to other traders. This means that others may modify their own strategies in response to the trader’s plans, effectively removing a possible advantage and changing the market’s future. Stealth Mode keeps limit orders hidden from others and boosts users’ profits by holding on to stocks even as they pass their established goals, only selling when the stocks pull back.
Although traders can start using Cool Trader Pro without any prior stock trading experience, some learning is necessary to take full advantage of the software. However, this is offset by the training and support included in the purchase price. Training is unlimited, and the company welcomes opportunities to help users maximize their profits. The only area in which Cool Trade staff cannot give advice is in choosing stocks as they are not registered investment advisors or brokers. When trading advice is desired, the company recommends that users contact a financial advisor.
Cool Trader Pro is not a program designed to pull riches out of thin air. However, it is a valuable piece of software for users who want to maximize their stock trading profits automatically based on strategies that they choose or design. Beginners can get started making profitable trades without spending years getting experience. Finally, an array of support services helps both novice and advanced users configure their software to help them reach their goals.
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