Cool Trader Pro Cool Trader Robotics outdated software built in 2005 that doesnt work on new technology, report log that doesn't match brokers side, misrepresentation, temporary fixes internet

CoolTrade Crashing and Amnesia

For the entire 3 years I worked with CoolTrade there were numerous issues and problems that plagued the software. We struggled with the software continually shutting down and “crashing” on many customer computers, with little success. Many steps were taken in an attempt to deal with the software’s inherent instability, sometimes including the removal of any and all security software, leaving customer computers completely vulnerable to malware and virii. In some cases this helped, as most security programs seemed to interpret CoolTrade’s behavior as malicious (as far as I know it is not). Customers were also urged to purchase very high-end, and very expensive, Intel i7 based computers with 16Gb or more of RAM in an attempt to prevent the software from crashing, which frequently did not help.

At one point the developer did make a change that seemed to help somewhat with memory issues. The software had been pulling in all data points for each stock ticker symbol, regardless of whether or not the running strategy even used any indicators that needed them (For geeks: Basically an amateur simple “select *” style query), resulting in inefficient and very wasteful use of memory unnecessarily. In some cases this change/fix did at least delay the crashes.

The most problematic issues occurred during the second half of 2013 and well into 2014, where when the software would inevitably crash it would “forget” all of the entry prices for any open positions upon restarting the program and reset them to the current market price. This would then cause real monetary losses for some customers running in live trading mode if any of their positions were down. If the customer’s open positions were currently down this mistake would cause the program to think the positions were profitable at the first uptick, when in fact they were not, and if the price then rose enough to meet their per-share profit goal it would trigger a sale and lock in the losses. With these errors (“bugs”) in the software the best we could do was to advise customers to keep a close eye on the program while it was running and to promptly reset the entry prices on their open positions after a crash.

The issues with “amnesia” (forgetting the entry prices) were eventually resolved by the developer in 2014, but the random shutdowns and crashing issues continued. The software’s developer continued to advise support staff and customers to increase RAM (computer memory), but offered no other solutions or remedies. Increasing memory did little to alleviate the instability issues, and only cost customers more money.

Eventually in early 2016, with help from another member of the support staff, the programmer/developer determined the software was crashing (at least partly) due to a “stack overflow” issue (Search Wikipedia for an explanation on stack overflows). Stack overflows have been a known issue for decades and most competent software developers prevent them with proper memory management in the code. However, the CoolTrade software has little to no error handling built-in and usually does not provide an error message when something goes wrong, instead defaulting to an impromptu shutdown (or “crash”) in such cases. This makes diagnosing issues much more difficult.

Software errors/bugs like these are usually not found until a customer encounters them because CoolTrade has never had a formal Q.A. process in place. When a bug was reported the developer would (eventually) cobble together a fix and upload it to the server for customers to download and use immediately. This essentially had the customer beta testing the software, often while live in the market, making the customer a “guinea pig” for new, untested and potentially unstable code. The developer does not seem to be up to speed with modern software development techniques, and many have commented or complained about the “90’s program interface.” The antiquated interface was the least of the software’s problems.

Use the CoolTrade system at your own risk. The company does NOT reimburse losses incurred using their software/platform and does NOT offer refunds for any reason. If you are not happy and attempt to dispute the charge with your credit card company CoolTrade will vigorously fight the dispute in an effort to avoid such charge backs.

NOTE: I have not worked for the company for over 8 months now, so all of these issues may have been magically corrected and everything might be just peachy now. But, bear in mind that the software was around for a decade before I was hired, and it's still very buggy. The software isn’t new, and the developer is known for ignoring major bugs for extensive lengths of time.

I am a potential costomer of Cool Trade trying to gain infomation to make a competant decision. My observation is that in the rebuttal to "Adam's" complaint the company rep did not address the most serious aspect of "Adam's" dissatisfaction; that being that Cool Trade is out dated technology(2005 trying to cope with 2015 trading technology). this is very important to my research! please respond to this question.

In responce to my very upset emai to the company they cancelled my service. I have confirmed that the order submitted to Interactive Brokers was acknowledge to CTP but the trader kept buying additional shares until it had exhausted my margin account. I am trying to work with the "compliance officer" (no idea his or her name) and trying to get them to not only reinstate my account but to allow IB and CTP to have a conference call to find out the reason that this problem exists. I can not imagine that the comany would not want to know why their software is malfunctioning and allow me to help them get to the bottom of the problem. I hope that whom ever cancelled my account renstates it and we can move on in a professionall and mutually bennificial manner. If not then I will have not choice to seek redress for the problems I have experienced. 

I hvae been trying to get Ed Barsano and the rest of his team to discuss the loss that I experienced do to the selling of NUGT. Many people who bought NUGT on the advise (even though they say they do not give advise) of those working at CTP lost tons of cash. A loss that cost me over 14k and even worse the trader not only sold it at a loss (somwething that they say it will not do) but also bought some shares right back therby making is s wash loss and ineligible for any tax benifits for incurring the loss. At every step all I get from them is it is not our fault. The trader has kept making errors and the company is unwilling to even talk with the tech dept at Interactive Brokers to help try to fix the problem. Maybe seeing this posting will inspire the people at Cooltrader Pro to address my losses and concerns. I will update this if they do and if they do not I will take further actions. 

I am a Financial advisor in the Sarasota, FL area and I have no clue whether this software is the next best thing since sliced bread or a complete scam.  The one thing I do know is the guy that did all the work setting this system up and perfecting the software will probably not get in any trouble with the software but with the "associates" that are out there selling the software.  I beilieve that right now just in sarasota alone there are 5 or 6 unlicensed associates selling the software, but they are not selling the software, they are selling the fact that it turns itself on and off autmatically and only takes profits.  They continue to say that this is guaranteed to take profits only.  I am a licensed Advisor in the State od Florida and I cannot say that.  As I am sure that you know nothing is guaranteed and to continue to say that and not having any kind of E&O insurance first off is just crazy.  I know you want to get your message out there but hiring someone with no financial or stock market background will really hurt you credibility.

I am not a discruntled employee! I lived in Colorado when i bought this software. I Have emails and reports to prove my case, I tried to work with your company. Your support team are wonderful people but like i stated they are only able to put a bandaid on software that was made in 2005 it doesn't work well with the current technology. I asked for a refund over a year ago, but to this date I have yet to get my refund!!! Adam

I am the officer at CoolTraderPro responsible for management of regulatory and policy compliance.  I also investigate reports affecting the company's reputation.  

1. THe report was filed by "Adam"  in Bozeman, from Colorado.   We have checked our database and discovered that we have no registered subscriber named Adam either in Montana or in Colorado.   This leads us to have strong suspicion that this report was filed by a competitor or a disgruntled former associate.  (From time to time we have to terminate relationships with sales associates who misrepresent our company or our service.)  If "Adam" is real, then he should use his actual name and send us a documented grievance.  Your company should obtain documented evidence that Adam is indeed a real customer, with actual standing to complain.

2. Category error in the report.   CoolTraderPro is not an investment broker.   We do not execute trades, hold investor funds, or offer investment advice, trading advice, or trade strategy advice.  All we do is offer suscriptions  for online access to a sophisticated robotic trading platform that enables stock traders to set up their own strategies for robotic execution of trades on major stock exchanges. In other words, the user programs the robot with rules: then the robot makes the trades.  The platform is called "CoolTrade," registered trademark.  It is owned by CoolTrade, Inc., who has contracted with CoolTraderPro to sell CoolTrade subcriptions.    All trades must be executed through a registered broker (not us).    

3. CoolTrade's performance reputation in the broker community is so strong that the largest online brokerage services have approached CoolTrade for connection to the CoolTrade platform, and most of the CoolTrade customers have been referred by their brokers and/or other satisfied users.  Neither CoolTrade, Inc. nor CoolTraderPro have ever approached a brokerage firm.  The brokers approached us, wihch fact speaks volumes for the product's reputation among those who really know what they're talking about.

4. Our most satisfied subscribers are those who either (1.) take serious time to master the system by using it in simulation mode for 30 to 90 days before trading live in a brokerage account; or (2.) who allow a registered investment professional with CoolTrade experience to manage their accounts.  There are several licenseed financial planners and ivnestment advisors who do this for a nominal fee. 

5. CoolTrade is not "software."  It is a trading platform that (of course) uses proprietary software that is not for sale.  CoolTraderPro does not sell software.  It sells subscriptions giving users the right to use the platform via an online connection.  The subscription includes a free downloadable portal key (light software) that enables a subscriber to access the platform using a unique password.   (Think of it the way you would think of a taxi-ride.  You pay for the ride in the taxi (the platform), which is driven by an engine (the software) that you never actually own.)

6. There is no accounting for personal tastes and preferences.  We know that we cannot be all things to all customers, but we give all prospective customers many avenues to experience the serivce vicariously before they subscribe.  So anyone who complains about the look and feel, or the system's capabilities, probably didn't do enough homework before he subscribed.

7. The company has a serious real cost to setting up a subscription.  It is expensive to set up and then cancel a subscription.  We also have to pay for data feed to the subscribers.  We have learned from seven years of successful salesto thousands of regular repeat customers that some persons will buy a product to use it free for awhile, or pershaps to try to reverse engineer it, and then to try to bail, demanding a refund.   As a result, we have learned that it is better to give prospects plenty of advance info.  Our reputation among brokers (who really know what works and what doesn't) is so strong that we know that the rare dissatisifed customer's remarks are usually based on failure to take proper time to self-train (simulate), or on a personal inability to adapt to the system.  Every company that sells a lot of services will have a few customers who don't like them for some reason or other.  (There is no accounting for personal tastes and preferences.)  We are not exempt from life.  

8. The relative cost of using CoolTrade compared to ther trading platfoms is low.  CoolTrade is the only platform that will actually execute trades robotically.  Other platforms require the user to actually be present to "pull the trigger."

9. Compared to onine trading academies, the relative cost of using CoolTrade to learn how to trade is very low.  It's far less expensive to subscribe to CoolTrade, then simulate trading while accessing the huge library of training resources we make available to our subscribers.   Our subscribers pay only $3500 for the training and the platform.  Online academies charge far more....just for the training!  And CoolTrade users have access to a long established community of fellow users who share ideas and experience.   CoolTrade is a relative bargain just for the learning resourcew it provides.