Written Guide:
While not a full fledged converting profession alchemy is very similar with it's ability to transmute. In addition alchemy is probably the easiest profession to make money with as simply doing a transmute everyday will almost certainly net you some profit. Furthermore the choice to change your specialization in transmutation, potions, or elixirs means that if one market dries up profit wise there is usually another market that you can move to.
Benefits:
1) Can be used with the shuffle.
2) Very easy to level up and very easy to make gold with. Probably the easiest profession to understand gold making wise.
3) You can switch your specialization
4) Generally considered a safe, constant source of income.
Drawbacks:
1) You probably won't get rich off of just alchemy.
2) Profitable transmutations tend to be on a cooldown.
3) You really need max level alchemy to make any sort of decent profit.
My Advice on Alchemy:
I highly recommend you take up alchemy. If you are mostly concerned with making easy gold over the most gold this makes a great profession for your main - if you want to simply maximize your gold income then I would recommend alchemy on your first alt. The ease of making gold with alchemy and the low amount of time needed to get profits make this profession a favorite among people seeking gold. When you add in the fact that you can switch specializations when markets change along with this profession's utility in the shuffle and getting this profession becomes a no brainer.
Recipes of Note:
1) Transmutes - Especially Truegold and Living Elements. I addition the gem transmutes can be used along with the shuffle to increase your profits with jewelcrafting.
2) Flasks - You can often make a profit by making and selling the max level flasks. This is VERY server dependent though so make sure to check prices on your Auction House before you get involved in this market.
3) Potions - You can often make a profit by selling max level potions but again this market is VERY server dependent. Some potions to check out are: Potion of Illusion, Potion of Treasure Finding, Potion of the Tol'Vir, and Volcanic Potion.
Misc. Tips:
1) Do Living Elements in Uldum to ensure you get Volatile Air. Volatile Air generally sells for the highest price of all the volatiles so this is usually your best bet for profit.
Additional Resources:
Recent Power Word: Gold posts related to Alchemy (auto-generated).
