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We are to be BaptizedInTheNameOfJesus    
Water Baptism is a holdover Jewish purification RITE.   

Rites do not save.   Period.   

Should we observe Saturday for the Sabbath?   
Should we observe Jewish dietary laws?   
Should we observe Jewish Sabbath restrictions?   

The Catholics sold indulgences so that the holder was innocent of the sin they planned to commit.   

Is there any material difference between that practice and telling people that if they are doused in water they are saved?   

The baptism, which literally means 'immersion', is spiritually accomplished by an act of our will to become immersed in Christ Jesus.   
This is done by
    you continuing in Christ's Words
    you abiding in Christ
    Christ abiding in you .   

How do you abide in Christ's Words?   
You hear the Word, believe the Word, receive the Word and are transformed by the Word so that you have the Mind Of Christ.   

How do you abide in Christ?   
You are immersed (baptised) with and into His Holy Spirit.   

The Catholics changed Christianity, which is all about an intimate, personal relationship with Jesus Christ, into a religion whereby, if you did certain things, you were saved.   

Unfortunately, the reformers did not take a hard look at ALL the Catholic forms, rites and traditions accepting many of them and rolling them into the denominations which they were to establish.   
Having a form of godliness, but denying the power thereof: from such turn away.
Jesus said tarry in Jerusalem until you be endued with power from on high.     The power that was received was the Holy Spirit, the Lord Himself.     

The Holy Spirit, who is the Lord, is the power of our faith.     To deny the power of the Lord is to deny the Holy Spirit in us who is Christ in us, our only hope.     

Read the New Testament as if you had never heard anything about Christianity.   You will see how form has replaced substance and you will be converted and you will begin to walk in newness of Abundant Life.