Hello,
I can't talk for the Magic, but I have a Cougar 2000 and the setup for hovering is fairly similar. I would suggest:
1. Laterally Balance the model, ie hold the prop nut/spinner and tail, and see if one wing drops.
2. Make sure you have 2-3 degrees of side thrust on the engine, as it helps to stop the left wing dropping in the hover
3. Get the CG to be at the rear of the recommended limit.
4. Swap the 11x7 that you've got for the 12x4. The 11x7 is a general sports prop, whilst the 12x4 is a funfly prop, and much easier to hover with.
5. Set your throws so they're quite high, but still comfortable and have a little expo dialled in.
This should make it alot easier, but it still needs practise