in the equation, you are given the charges of each ion.
therefore you can see that in the equation, Fe becomes Fe^2+, and that 2H^+ becomes H2.
you can separate the changes in each element to give the two half-equations
Fe → Fe^2+ and 2H^+ → H2.
however, you can also show reduction and oxidation as gain and loss of electrons respectively (OILRIG: oxidation is loss, reduction is gain)
the symbol for electrons is e^-, and the number of electrons is shown by putting a number before this symbol (e.g. 2e^- is 2 electrons).
if an element gains electrons, then the added electrons are put on the left-hand side of the half-equation. this shows that at first, the electrons were separate from the element, but then became part of it.
gain of electrons will decrease the charge - it can make a neutral atom into a negative ion, and can make a positive ion into a neutral atom.
here, 2 positive hydrogen (2H^+) ions become a diatomic neutral hydrogen (H2) element.
when 2 electrons are added to the 2H+ ions, the two ions become H2. this gives the half-equation 2H^+ + 2e^- → H2.
if an element loses electrons, then the electrons lost are put on the right-hand side of the half-equation, since at first, the electrons were part of the element, but then became separate from it.
loss of electrons will increase the charge - it can make a neutral atom into a positive ion, and can make a negative ion into a neutral atom.
here, 1 iron(II) (Fe) atom becomes a positive iron ion (Fe^2+).
when the iron atom loses 2 electrons, it becomes an Fe^2+ ion with 2 electrons detached from it. this gives the half-equation Fe → Fe^2+ + 2e^-