1 Cor 14:5 "prophecy" is defined in 1 Cor 14:3 as "edification and exhortation and comfort".
Nothing about future-telling there whatsoever.
Are there any examples of prophecies in the NT, other than what Jesus and Agabus prophesied, and some of the NT writings like Revelation? Since prophecy is one of the spiritual gifts listed in 1 Cor. 12 along with other gifts that are obviously miraculous, I take it from the usage of the term that it's referring to something miraculous. From Paul's description of prophesying to an outsider, it seems more like a word of knowledge, since it is telling everything in the man's heart and life, and the conclusion is "God is surely among you." In that case, the prophet is a seer (like John 4). It's a description of a miraculous event. OT prophetic writings were miraculous in the sense that it was not previously known, and they wrote what God told them or what was revealed to them. It's the same with the NT writings, especially Paul's writings, since he said he learned his gospel directly from God.
On the other hand, the idea of forthtelling today is not a miraculous event, because the scripture is learned and spoken, and God uses that preaching to move on peoples' hearts by His grace and power. I'd call that a providential event, because there is not any new revelation or direct communication from God. The scripture is what we know and speak, and faith in peoples' hearts is generated by that.
I think there is a general confusion about the gifts of the Spirit, including prophecy. I think that such confusion and lack of clarity on what prophecy is, is what many false teachers and false prophets are taking advantage of. "God told me...," "The Lord has revealed to me...," "Thus saith the Lord...," "I got this revelation...," and such claims as that are hindering people from the truth that is revealed in scripture, since most of those so-called revelations are false. And I also think they are so successful because people are generally lazy and want a shortcut to "special knowledge" in which they think they will be closer to God and more in control of spiritual power. So they end up following the self-proclaimed prophet and believe whatever they say. I came from that culture, so I think what I'm saying is true about many of them.
So I take it that the term "prophecy" covers several definitions and possibly levels of supernatural activity, such as I described. Certainly edification, exhortation and comfort may be served by mere natural words, by quoting of scripture, by an apt word at the right time, by providential prompting, or even by an obvious miraculous event.
