I have been carring a 1911 for over 30 years. And I carry it Cocked & Locked, round in the chamber, hammer cocked, full mag inserted. And yes a very good holster is a must. I used this system both on duty and off. But I must stress training, like every thing else you must be fully trained in this type of carry. I have seen many a Gun Guy slip the gun in his waistban and end up shooting himself in the rear. Get good quality gear and training and you will be OK.
Dave