I think you need to explain what you are really trying to do. We are shooting at a moving target!
What is the reason for the txt: format?
What do you want to happen with any already transparent pixels?
Are those pixels fully or partially transparent?
What do you want to see for all the other colors?
To fix Anthony's solution or mine,
provided none of the colors you want to preserve are partially or fully transparent, add -alpha off after the input image:
convert rmgcb.png -alpha off \
-channel A -transparent red -transparent blue -negate +channel \
rmgcb_red_none_blue.png
If you want to keep doing what you have been, then -composite only works with two images at a time. But you can change that to -background somecolor -flatten. The background color can be whatever you want to show thru where there are transparent pixels. So it can be "none" if you want to keep them transparent or whatever other color you want to use
convert image.gif \
\( -clone 0 -fill black +opaque color-one -transparent black \) \
\( -clone 0 -fill black +opaque color-two -transparent black \) \
\( -clone 0 -fill black +opaque color-three -transparent black \) \
... etc ...
-delete 0 -background none -flatten result.gif
Note when using rgb colors, one often needs to enclose them in quotes, eg. "rgb(255,0,0)"
See
http://www.imagemagick.org/script/color.php