With Hall of Fame member Easy Goer, McGaughey won the juvenile championship of 1988 and the next year added a series of the most prestigious Eastern races, including the Belmont Stakes, Jockey Club Gold Cup, Travers, Whitney, and Woodward. McGaughey has won three Jockey Club Gold Cups and three Travers runnings. In addition to those named above, his champions are Rhythm, Heavenly Prize, and Inside Information. His other major runners include Coronados Quest, Dancing Spree, My Flag, Versailles Treaty, Seeking the Gold, Glitter Woman, Educated Risk, Miners Mark, Dispute, Awe Inspiring, Polish Navy, Classy Cathy, and Try Something New. Other important events he has won include the Alabama, Kentucky Oaks, Spinster, Frizette, Matron, Go for Wand, Oaklawn Handicap, Acorn, CCA Oaks, Haskell, Wood Memorial, Ashland, Jim Beam, Ruffian, and Beldame.
On Oct. 16, 1993, McGaughey won three grade I races and two grade III races when Miners Mark won the Jockey Club Gold Cup; Heavenly Prize the Frizette; Dispute the Beldame; Strolling Along the Realization; and Lure the Kelso Handicap. Through 2003, he had 5,744 starts, 1,363 wins (24%), and $82,731,027 in earnings. He had won 237 graded stakes (21%) and a total of 311 stakes (20%). McGaughey was voted the Eclipse Award for trainer in 1988. He has been New Yorks leading trainer in percentage of wins three times and has led standings at Belmont Park and Saratoga.