How can I derive the preferred oxidation states of a transition metal from its electronic configuration?
Firstly you need to appreciate that the 4s orbital is at higher energy than the 3d orbitals (despite the filling order suggesting the oposite). This means that the two 4s electrons are lost first giving a valency of two (which is common to all the first row transition elements). The next point is that one of the 3d orbitals is fully ocupied so one of these two electrons will be preferentialy released due to the repulsion of its pair. This results in a valency of three. These are by far the most common valencies of iron. In fact compounds of 4, 5, and 6 oxidation states (valencies) are known but are very unstable, so of little importance.