Trying to make this traditional room look more modern! Hoping for some suggestions! Thanks

I would add a rug with some grays and a color along with changing the lamp shades to a circular shape along with installing can lights and some art work with a minimalist feel to them

Do the posts on the bed come off? I know they do on some beds. Or at least the top parts....can they be removed easily? I think that would help modernize the look here. Maybe also make more of a contrast with the bedding and the wall color....even a print?

You're going to be hard-pressed to pull that off with traditional furniture. How open are you to modifying the bed? if you could remove the posts and foot board, you could upholster the headboard; that would be more modern.

Wondering if the metal frame can be removed at the very least. The bed itself makes for a very traditional room and if you cannot replace, I think your options are to purchase new lamps and window treatment, add graphic pillows to bed, large artwork on a wall that can handle it. Can't tell what ceiling fixture is like, but ensuring that is modern and repainting in another color. If the headboard has leather padding, replace with a fabric that is coordinated to room color and bedding.[houzz=]

Wow thanks all for the great suggestions !! I am not sure what I was thinking when I bought this bdr set but I am not loving it anymore lol
If is a fairly large room - soon I will be removing the carpet replacing with hardwood. A nice rug will look better sitting on top of the hardwood rather than the carpet? What colour would you suggest the room to be painted?
I am thinking of gray/purple colour scheme?
Thanks again everyone

I'm sure we have all said those words, lol, "what was I thinking"?
Yup, time for a new sleeker look;)

Before painting, find the bedding, curtains, rug, etc. Paint is much easier to coordiante after the fact. If you like grey/purple, start there and maybe start with the rug, which will be hardest to find. You may want to be careful though when accessorizing with these colors, as they can modern but easily feel old fashioned. See below.
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If you go with extremely bold and chunky contemporary (if there is such a thing), you may be able make your existing furniture a bit less traditional. I don't see sleek and modern, however. Unless you really like the chunky look, you may be throwing good money after bad. Good luck!

Add contemporary nightstand and arrange lamp on it. use more pillows on the bed. you should remove canopy frame from the bed. put modern style rug at the foot of the bed. you can put seating bench or chaise on it. change the curtain of window. see master bedroom http://www.theclassyhome.com/comersus_listItems.asp?idCategory=229&Furniture=Master+Bedrooms

If you took the posts off at the level of the ball (just below the belly of the column) it wouldn't look quite so heavy. You need a really large room to get away with a four-poster. I don't think I'd pad the headboard though. Maybe you could use the posts elsewhere? Is this a reproduction or an antique?