Although there is some alkyd resin in CWM, the amount is very small.  For this reason, I like to first add Galkyd Gel to my Cold Wax Medium before adding it to my colors.  Adding 25% Galkyd Gel to CWM (1:3 ratio) will strengthen the paint film, make it more flexible, dry to a more satin finish (rather than matte), and will also speed the drying rate a little.