[goddessxx]

I'm conducting an experiment that involves electrolysis.  The electrolyte is saltwater and my two electrodes are magnesium and iron.  I just want to double check...which one is the positive ion, which one is the negative?  How many electrons are they losing?  

One last thing: is this equation correct?

3Mg⁺² + 2Fe --> 2Fe⁺³ + 3 Mg

Thanks a bunch

[AWK]

Show cathode and anode

[goddessxx]

What do u mean?

{EDIT}
I have the magnesium attached to a red wire which is connected to the milliammeter.  The black wire is attached to the iron and corresponding colour on the milliammeter.

[plu]

Your magnesium and iron electrodes are not actually participating in the reaction.  They are merely there for the sake of transferring electrons.  In the electrolysis you have illustrated here, your theoretical products will be hydrogen gas and chlorine gas (from water and sodium chloride).  Now try to work out the equations!