Of course. What it means is that one has to live out the commandments in obedience of the Gospel, just like Christ told the rich young man. What it does not mean is that a proclamation of faith makes one saved forever regardless of his works.
And in your statement we see the fundamental error of Rome: the confusion of the law and the Gospel.
The rich young ruler was under the mistaken impression that he had fulfilled the law. What we see Christ doing in this passage is taking the law and cranking it up to the nth degree, to the point where the rich young ruler realized he could not keep the law.
The Apostles got it clear when they asked Christ who then can be saved. Christ answered with the obvious: With god all things are possible. We can't save ourselves, only God can.