The answer
Unfortunately Protestants use this verse separately from the other verses of the Holy Bible. One needs to read into the spirit of the whole Holy Bible. How would protestants interpret"What does it profit, my brethren, if someone says he has faith but does not have works? Can faith save him? If a brother or sister is naked and destitute of daily food, and one of you says to them, 'Depart in peace, be warmed and filled,' but you do not give them the things which are needed for the body, what does it profit? Thus also faith by itself, if it does not have works, is dead" (Jam 2:14-17).
"You see then that a man is justified by works, and not by faith only. Likewise, was not Rahab the harlot also justified by works when she received the messengers and sent them out another way?" (Jam 2:24,25).
"Not everyone who says to Me, 'Lord, Lord,' shall enter the kingdom of heaven, but he who does the will of My Father in heaven" (Mt 7:21).
"For not the hearers of the law are just in the sight of God, but the doers of the law will be justified" (Rom 2:13).
I strongly recommend that you read His Holiness Pope Shenouda's books 'Salvation in the Orthodox Faith' and 'The Heresy of Salvation in a Moment'
Also you can read the section on Soteriology at http://suscopts.org/literature/orthodoxfaith.html.
Answered by His Eminence Metropolitan Youssef (opens in a new tab)