Your answer is not correct.
Correct Answer: 4Fe + 3O2 ——> 2Fe2O3
This is the correct answer because you need equal Iron(Fe) on both sides. Since you already have 2 Irons on the products(right side) side you need 2 on the reactants(left side) side, so you add a 2. For Oxygen(O) since you already have 3 on the products(right) side and only 2 on the reactants(left) side you need to balance those and make them both 6 so you multiply by 2 on the products(right) side and multiply by 3 on the reactants(left) side. Since you can’t add a coefficient to only one element you need to add a 2 to both elements on the product side. So that gets you 4 Iron and 6 Oxygen. On the reactants side you only have 1 Iron and 2 Oxygen. We balance this equation by multiplying by 4 for Iron on the reactants side and multiplying by 3 for Oxygen on the reactants side. So this gets you 4Fe + 3O2 —> 2Fe2O3
I hope this helped!!