Smithing just like all other crafts are profitable, you just have to do your homework on whats sells, and don't sell well. Get use to breaking even alot on buying and selling, most importantly learn to harverst or get your own materials instead of always buying from AH.
Alot of ppl would say its wise to invest alot capitol into a craft, but when I started smithing just over 3 weeks ago (just got the game 4 weeks ago) I started wih just selling some items I got from drops which probably totaled maybe 5k combined. From that point I just got my own materials, crafted, sold etc since then and never had to worry about being broke, at least not for long pending on waiting for a few things to sell.
I'm lvl 30 smith right now, lastly do a second craft to help with the income, I use goldsmith which is 22 right now.
Hope my 2 cents help encourage.
New to this world but old to the concept. Watch and see as I grow beyond your expectation, like the coming of an inevitable end...
Nation: The one and only (Bastok)
Job: War - soon to be War/Nin
Location: Running around the Bastok Market streets like a lunatic
Crafts - ::Smith 56:: ::Goldsmith 26:: ::Tanning - 12:: ::Woodwork - 30::