I have done zero cold approaches, even though i've read/watched A LOT of pickup stuff and honestly still think it could work (within reason.) I'm just being a pussy, I guess.
On the other hand, though, I think you need at least average all-around social skills before cold approaching is a good idea. Going from having zero social life and never talking to anyone throughout the day to suddenly cold approaching random women is going to seem exceedingly weird and incongruent. If you have at least average looks and average social skills, it could work, I think. The problem is, a huge percentage of men (myself included) lack at least one of those things.
"I will never be a creator, but I could be a destroyer."
-- Elliot Rodger