The TMGMT Local Translator (LT) can be used to do the translation job in TMGMT. It provides a 2-panel interface to show the original text next to the translation.
The LT can either run on the same machine as the Drupal site itself or on a separate server used to do translation work. Connecting a Translation Server to a Drupal instance is described here (@TODO: TS decription and connection).
This documentation focuses on a local installtion.