What color should i paint my living room?

Traditional can mean various things: colonial, country, Queen Anne, Regency, shabby chic, etc. Today, some 60s and 70s styles are coming back and are so considered somewhat traditional as well.

Unless you have a reason for having two different colors in two different areas of a room, don't. Instead, have an accent wall (three walls of a rather neutral color and the fourth wall a totally different color, like blue or green). Either that or install a chair rail (or, maybe better yet, a wallpaper border) in the middle of the wall and paint one half light blue and the other the dark green.

I agree with the individual who mentioned the lighting. Your lighting is an important consideration in what colors to use. With a lot of light - combined with a larger area - you can get away with some darker colors. Of course, with the darker furniture, you may prefer lighter colored walls.

Whatever you decide, just make sure your throws, pillows, area rugs, etc. coordinate with the color on the respective walls. Also, you could decide to get furniture covers, print or otherwise, to blend better. Same thing with black dining set: cheerful table cloth and chair covers.