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When you use Fists of Wind/Earth/Fire the skill definition on the icon on top says
"MP is being consumed to convert attacks into wind/earth fire attacks and boosts movment speed/defense/attack (and on Fists of wind say it reduces de recast time of weaponskills)"
Is it an error?
Yes. That confused me when I started playing the game. That's the 1.0 effect and it was never corrected in 2.0.
Also, you made an excellent choice in choosing monk! They are the preferred melee in endgame, beating dragoons in almost every category. Even post patch!
I knew it had to be a v1.0 definition. Hope a developer sees this post and fix it by v2.1