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It is biblical, however there are some gross misuses of it in my observation. Lets look at what a prophecy is, it is a supernatural word from God that will edify, exhort or comfort. That is the express purpose of prophecy. There are Christians who may operate in a Word of Knowledge or Word of Wisdom.
Word of Knowledge is telling someone about the present or their past and no one knows it but them and God, so God shares it with you and you share it with them so they can understand that God is aware, usually it is not revealing sin or bad things in their life, but positive things that reassure the listener or the person receiving the word.
Word of Wisdom is forthtelling, it tells of things that may happen in the future, a good example is Agabus and Paul in Acts.
There are also people who chase a prophetic word, I consider these people immature Christians, ones who don't and won't read their bible and get some instruction from God in the bible. 2 Timothy 3:16. They want to chase the supernatural and they just need to grow up. There are prophets who will give a prophetic word to someone and it is usually encouraging not usually giving direction or something like that. If someone should get a word like that, personally I would be cautious, but that is me. I read my bible daily and have found that God will give me a personal word out of His word. When someone prophetic comes to our church I usually don't go up for a word, since my relationship with God is good.
I have operated in the prophetic, usually giving an encouraging word to the body during service, I have however operated in both word of knowledge and word of wisdom and have missed it in both areas as well.
I have read peoples mail and have been way off, I have told people of their problems in their marriage and been right on and once told a lady her husband would get saved in 3 weeks. Not only did 3 weeks come and go but 3 years came and went and he did not get saved. I tried but missed God, nothing I can do about that, I only did it by faith and always admit when I miss it once I know.
There are times that we will not see the results of what was said sometimes for years, so in some cases we must hold on to what was said, IE when I was in Honduras preaching the Lord told me a girl in the church wanted to become a doctor, so I confirmed that with the girl and her mom, then I said that her education would be paid for as she got older, she was only 12 at the time. God helped us confirm the desire first then encouraged her for the future. I do not do this often and almost refuse to give a word to any one I know, and when I give a word to someone I walk through it, I ask questions like do they go to church, are they wanting to do a particular thing in their life etc. I try and ensure that I am hearing God as I progress through the situation. I want God to be glorified more than my being recognized for believing God to operate in the gifts of the spirit.
My suggestion is, don't chase a word from God from a person but read your bible and God will speak to you there like He does me. If you get a word from someone just be prepared for it not to come to pass and it should usually edify, exhort or comfort. I hope this helps, but once again personal prophecy is biblical and as you read your bible you will find places where it happened.
Prophecy Forth telling not foretelling; to speak for another. IE Gods spokesman 1 Cor 14:3 But everyone who prophesies speaks to men for their strengthening, encouragement and comfort NIV
Builds up, exhorts, comforts- not condemns or teaches or gives instruction
You are not a prophet because you prophesy-Acts 21:8-11
Most important or powerful of the vocal gifts because it is independent of the other vocal gifts Not given for direction/guidance- Personal prophecy should contain a word of knowledge. Necessary to confirm accuracy
I hope this helps you