With a live account, you have your ego and emotions to deal with, aside from the fact that you can lose your money. If you can overcome this obstacle, you will do very well in this market.

To answer your last question–It is possible, legal and very much worth your while to trade forex for a living. A lot of people do it.

It is VERY VERY risky.

I have 20 years experience investing in stocks, mutual funds, trusts, etc.. and I would presume to trade currencies.

You can make a lot or LOSE a lot very quickly.

There is a FEE to trade in real world. You pay the fee whether you make or lose money.

Consult a fee only financial advisor before you do anything.

What you are doing is excellent. You are actually playing it safe. We are also doing the same. Just see our statement:
http://finance.groups.yahoo.com/group/freesignals/

Thx
F.H