Magnesium
Magnesium's primary importance is its interaction with the calcium and alkalinity balance in reef aquaria. Seawater and reef aquarium water are always supersaturated with calcium carbonate. That is, the solution's calcium and carbonate levels exceed the amount that the water can hold at equilibrium. How can that be? Magnesium is a big part of the answer. Whenever calcium carbonate begins to precipitate, magnesium binds to the growing surface of the calcium carbonate crystals. The magnesium effectively clogs the crystals' surface so that they no longer look like calcium carbonate, making them unable to attract more calcium and carbonate, so the precipitation stops. Without the magnesium, the abiotic (nonbiological) precipitation of calcium carbonate would likely increase enough to prohibit the maintenance of calcium and alkalinity at natural levels.........................................
Iron
Iron is limiting to growth of phytoplankton in parts of the ocean, and may be limiting to macroalgae growth in many reef aquaria. Because of its short supply and critical importance, it is also subject to aggressive sequestration by bacteria and other marine organisms. Consequently, aquarists might consider dosing iron if they grow macroalgae.
Iron is not easy to measure at levels normally encountered in marine aquaria. It is also not easy to determine which of its many forms are bioavailable in seawater, and which are not. Consequently, aquarists should not target a specific concentration, but rather should decide if they want to dose any at all, and then use an appropriate dosage going forward. The reason to dose iron is that macroalgae may benefit from it. If you are not growing macroalgae, then you may not need to monitor or dose iron at all......................................
~Reef Alchemy with Randy Holmes-Farley~
If ya want the whole shabang ill PM the link to you