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Explanation: is what is said in the US (NEVER ready-steady-go!)
To answer your question, "auf los geht's los" doesn't exactly mean "auf geht's" or "los gehts" ("off we go" or the like). It's more like "at the count of X, go!" or "when I say go, then go." I can't think of a really good way to express that more literally though. This used to be a famous German game show, by the way (see link below).