Transparent can take three arguments, all are optional. Stay resident even if Transparent is run again. This will be checked and automatically fixed when Transparent is resident. If you don't specify a color, Windows uses the default. Windows decides whether the icon text will be black or white, depending on the color of the desktop.
White desktop means black text, and vice versa.
You could simply set your desktop color to the opposite of the text color you want. If you are using a full screen wallpaper, then you will have colored text the same color as the desktop. In this case, the transparency is not really obvious. An example of this is to can be seen to the right. To change the text color, just change the desktop color.