Thank you for using FUMA and for your message.
MAGMA is built based on a model with the p-values from all of the variants included. Therefore you are right that when you are selecting a subset of variants based on significance of pvalues, it's going to bias the model, and the results might not be reliable.
I would suggest that you consult the manual of MAGMA (
https://ctg.cncr.nl/software/magma) and if you still have additional question, feel free to send a message to the developer of MAGMA.
Thank you,
Tanya