Each race is able to study at least two elements depending on the race. Faeries are the primary race to only chose one.
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Water: The element of water correlates with emotion and intuition. Those who study water are more calmer in spirit, and very go with the flow. Water fairies use mainly water magic spells, study light magic, and help with the seasons of winter and spring. Water magic users can also learn to conjure ice and snow. Those with a higher rank can do so but lower levels need a lot of practice to master ice. Mer creatures already have the ability to use water magic.

~Rank 1: Basic water spells, Bubble magic, move water at short distances, but only move a small amount at a time.

~Rank 2: Use water for healing, move water greater distance, but not much, water manipulation (conjure small things nothing big), can manipulate clouds. Can breathe underwater for an impossible amount of time (Humans only)

~Rank 3: Basic ice spells and abilities, Can turn water into ice weapons (swords, shards, spear, and a shield) Water manipulation is greater, can control more water

~Rank 4: Some weather abilities (small rainstorms and thunderstorms, and even snow and hail), Manipulate water much more than before, Ice skill improves (greater freezing ability), If you are a wizard or a witch you can get a familiar: dolphin, turtle, otter, eel, serpent, axolotl, polar bear

~Rank 5: Can learn blood manipulation (unless you're a vamp you already but can still be a lower rank and is only for dark magic users), Greater weather abilities, much greater healing (can heal anything for light magic only), manipulation of greater bodies of water (lots of magic used, very draining)

Fire: Fire users are brash and bold, honest and brave. Hot heads with short tempers. Ironically, they are the most patient. With fire, one mistake, and you can burn entire forests to ashes. The most dangerous element. While it is associated with destruction and strength, there can be some good to fire like creating light as well to diminish the darkness. Very few light magic fire users exist. For it is a complicated study and rarely successfully. Dragons are automatically Rank 2.

Rank 1: Thermokinesis (heat manipulation), Small sparks, can make small fire flames and fire balls.

Rank 2: Can create medium sized flames, can create glowing orbs of light (light magic only),  breathe fire (humans only and fire fairies and ofc dragons).

Rank 3: Can have your whole body on fire, no pain, pyrokinesis (ball and chain, mace, katana, fire walls), plasmakinesis (lava manipulation), flames are much stronger.

Rank 4: Stronger pyrokinesis (can create larger things and more range of element weapons), Can create beams of light and control sunlight (light magic only),  Familiars: small dragons, lions, tigers, salamanders.

Rank 5: Geo-thermokinesis, ability to melt things, ability to control microwaves, can create fireworks, Can use fire as a transportation.