There are two types of magic in Fairy Tail:
Caster Magic:It is Magic that is expelled from the body as opposed to Magic done through the use of a weapon or outside source.
Holder Magic:It is Magic that requires a Mage to use an external source to produce the Magic. It usually requires the use of Magic Power(MP), though there are some exceptions such as Edolas Items that are powered by Lacrima.
Here is some extra information about magic:
Modes: Modes are transformations that a mage will undergo. These transformations don't have to be visible, they can be increases in strength or speed, etc. A mode will remove magic points gradually, similar to the way a stellar spirit drains magic from its master. The amount of magic lost depends on the level of the spell. Due to the fact that these spells require the mage to loose magic each turn, it will be the lowest amount possible for that rank
Modes are optional, and offer some advantages over having a post duration. Modes can be active as long as you have magic and don't need to be deactivated, however they drain magic fairly quickly and require a minimum 6 post cool down before they can be reactivated again.
Flying: Spells that allow one to fly are going to be considered a different type of mode. The class of these spells will be listed as Flying/Supplementary. All Flying spells are going to be listed as a D-Rank spell and will require a 10MP cost on takeoff and a 5MP cost for every post the mage remains in the air. Only spells that allow the caster to remain in the air unlimited-ly can be classed as a flying spell.
Stellar Spirit Mages: Stellar Spirit Mages lose magic gradually depending on the level of spirit they have summoned. Stellar Spirits will deplete their masters magic for each turn they are summoned.
Dragon Slayers: Dragon Slayers are impervious to their own natural element as in the anime/manga, however eating ones own natural element will not restore ones magic. Eating ones own element will grant the Dragon Slayer greater vitality and nothing more.
Re-Equip Magic: Re-Equiping a weapon or armor will cost 5 MP regardless of the armor/weapon. A Re-Equip mage will only be able to requip their armor or weapon once per post. Re-Equip mages are required to have armor to use spells.
Re-Equip mages are
required to add this spell to their spell list.
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Name: Re-Quip
Rank: D
MP Cost: 5
Range: Self
Requirements: Re-Quip magic (Must be stationary)
Class: supplementary
Element: Spacial
Effect: Swaps armor or weapon set.
Duration/Cooldown: (Instant) 1 post cool down.
Holder Type Magic: Holder type mages use a specific item to channel their magic in to and use as a weapon. If the holder mage is separated from their weapon, that mage would be virtually defenseless, unless he/she has developed a secondary magic or has a variant of their original weapon. Your second will be considered a secondary magic. Only Holder type mages may buy Holder Items.