No, it is not true.
The correct formula is: faith + obedience = salvation
Faith without works (obedience to the commandments of Christ) is dead and cannot save.
James 2:14 What doth it profit, my brethren, though a man say he hath faith, and have not works? can faith save him? 15 If a brother or sister be naked, and destitute of daily food, 16 And one of you say unto them, Depart in peace, be ye warmed and filled; notwithstanding ye give them not those things which are needful to the body; what doth it profit? 17 Even so faith, if it hath not works, is dead, being alone. 18 Yea, a man may say, Thou hast faith, and I have works: shew me thy faith without thy works, and I will shew thee my faith by my works. 19 Thou believest that there is one God; thou doest well: the devils also believe, and tremble. 20 But wilt thou know, O vain man, that faith without works is dead?
James 1:22 But be ye doers of the word, and not hearers only, deceiving your own selves.
Luke 6:46 And why call ye me, Lord, Lord, and do not the things which I say? 47 Whosoever cometh to me, and heareth my sayings, and doeth them, I will shew you to whom he is like: 48 He is like a man which built an house, and digged deep, and laid the foundation on a rock: and when the flood arose, the stream beat vehemently upon that house, and could not shake it: for it was founded upon a rock. 49 But he that heareth, and doeth not, is like a man that without a foundation built an house upon the earth; against which the stream did beat vehemently, and immediately it fell; and the ruin of that house was great.
Those who hear the gospel fall into four categories as is made clear by the parable of the sower.
Matthew 13:18 Hear ye therefore the parable of the sower. 19 When any one heareth the word of the kingdom, and understandeth it not, then cometh the wicked one, and catcheth away that which was sown in his heart. This is he which received seed by the way side. 20 But he that received the seed into stony places, the same is he that heareth the word, and anon with joy receiveth it; 21 Yet hath he not root in himself, but dureth for a while: for when tribulation or persecution ariseth because of the word, by and by he is offended. 22 He also that received seed among the thorns is he that heareth the word; and the care of this world, and the deceitfulness of riches, choke the word, and he becometh unfruitful. 23 But he that received seed into the good ground is he that heareth the word, and understandeth it; which also beareth fruit, and bringeth forth, some an hundredfold, some sixty, some thirty.
We must make a conscious effort to do what Christ commands us.
Philippians 2:12 Wherefore, my beloved, as ye have always obeyed, not as in my presence only, but now much more in my absence, work out your own salvation with fear and trembling.
Hebrews 2:1 Therefore we ought to give the more earnest heed to the things which we have heard, lest at any time we should let them slip.
2 Peter 1:10 Wherefore the rather, brethren, give diligence to make your calling and election sure: for if ye do these things, ye shall never fall:
We have free choice in believing the gospel and free choice in obeying it. After baptism, we cannot live a sinless life; but if we are making a determined effort to live by the commandments of Christ our sins are forgiven by confession in prayer.
1 John 1:7 But if we walk in the light, as he is in the light, we have fellowship one with another, and the blood of Jesus Christ his Son cleanseth us from all sin. 8 If we say that we have no sin, we deceive ourselves, and the truth is not in us. 9 If we confess our sins, he is faithful and just to forgive us our sins, and to cleanse us from all unrighteousness.
It is not a matter of earning salvation by obedience, it is a matter of losing salvation if we make no effort to obey.
Philippians 3:18 (For many walk, of whom I have told you often, and now tell you even weeping, that they are the enemies of the cross of Christ: 19 Whose end is destruction, whose God is their belly, and whose glory is in their shame, who mind earthly things.)
2 Peter 2:21 For it had been better for them not to have known the way of righteousness, than, after they have known it, to turn from the holy commandment delivered unto them. 22 But it is happened unto them according to the true proverb, The dog is turned to his own vomit again; and the sow that was washed to her wallowing in the mire.
I hope you find this helpful.