Hello, Lexi's Mommy and welcome to AD!
I am very sorry to hear your baby is hearing impaired and that this overwhelms you. This is a wonderful place to solicit many, MANY thoughts and opinions as to what you should do for your child at this point. Before I continue, please allow me to put out there that you need to make choices that you FEEL are right, but there are MANY options to consider - and some members here will perhaps try to sway you in one direction as opposed to another "unfavorable" option that they themselves don't believe in.
YOUR choice, though! You make sure you're well-educated and informed on any option before you make a decision - okay?
First off, a profound loss does classify as "deaf." I was born to two hearing parents with a severe loss that later on progressed into a profound loss. My parents immediately got me fitted for hearing aids and began to teach me to speak. Please keep in mind, this was 27 years ago and so MUCH has changed today.
Your daughter is still a baby - which means that right now you are going to have to make choices for her that will definitely impact her as she grows up. My advice to you is - TALK to your audiologist. Discuss what your daughter's options are at this stage. I am positive that a full picture of your child's hearing loss has been provided for you at this point.
DO consider every option carefully. You can teach your child to sign, as well as speak. There are so many publications out there as to how you can approach teaching your child to sign as well as classes for you to take so that you're learning it as well. You can implant your child with a cochlear implant and use that to enhance your child's learning experiences from the very beginning and teach your child to speak. You can put off the CI until later on and see if more advanced technology is released. You can give your child the choice as to whether or not she'd even want a CI once she's old enough to understand what it is. You can fit your child with hearing aids for now and let your baby focus on just being a baby for now and tackle speech therapy later.
The list goes on and on, but you need to make a decision very soon as your child, as we speak, is growing and developing. Education is not something you need to worry about until your child is of schooling age, so this is something that you can decide once you have a better idea of her capabilities.
You have my support, no matter which choice you make. I am available via PM if you have questions, thoughts or comments that you'd like to ask/say.