The real question is: How critical is it to you to have reliable, repeatable results.
The magnet, while used by many, is not a terribly accurate method if you're interested in getting maximum results from your material.
Some guys run thermocouplers/temp controllers on their forges, but success with that will be dependent upon the quality of your set up. You want to know how hot your steel is, not just a particular spot in your forge. You'll want an arrangement that minimizes hot/cold spots. This is usually done by shielding.
I'm pretty sure this has been covered in previous threads ....