As long as the tank is cycled the most important thing, and usually the only thing you need to worry about, is nitrate. A simple API liquid test kit is fine. If you want something fancier to be more precise, go ahead.
For discus, as with any fish, keep nitrate as low as possible. 5ppm is great and if you can maintain it there permanently that is great. If you could get it even lower, do it. Test your tap water too though, you may find that a significant amount of nitrate is coming in with water changes, so you won't be able to get below that level.
Test nitrate before water changes to get a good idea of how bad it gets, not after a water change in which case you are seeing it at its best.