I have the Red Sea magnesium test kit as well...it was something to get used to doing! Lol!
These are MY ideal parameters...I am sure some will disagree but this is what has worked for me so far:
pH - 8.1 - 8.4 (mine typically sits between 8.3 and the low 8.4's)
Ammonia - 0
Nitrite - 0
Nitrate - 0 - 1 ppm
Calcium - 380 - 450 mg/ml
Alkalinity - 6-11 KH
Magnesium - 1200 - 1400 mg/L
Phosphate - 0 - .02 ppb
Some of these are subjective...like pH for example. Many reefers stress out on having their pH at exactly 8.3. In my humble opinion, if your tank and it's inhabitants are happy, don't try to force it. You might want to do some research on keeping corals since you are kinda new to it. For me, this forum has been really helpful, along with guides I purchased from Mr. Saltwater Tank. This is my second go around with a reef tank. My first try was CRASH AND BURN, big time! By following the guides and videos found at mrsaltwatertank.com, I have been much more successful this time around. Lots of research (reputable authors) and diligent tank husbandry are a must. Check out the stuff Randy Holmes-Farley writes too (he is on this forum as well), he's really on point!