Step one (seen in the video above): Make sure your using the graphite paper the right side...there's been countless times I've done used it backwards and wasted all that time!
Step 2: Trace over your drawing (I use blue pen so I can see where I've been). Here I should note that the drawing I'm tracing is actually a photocopy. The paper I did the original sketch on was pretty thick (bristol paper) and doesn't work well to trace over because of it's thickness.
Step 3: This method works ok for transferring general shapes, but I always go over the drawing again with pencil just to see more clearly on the wood panel. I reuse the graphite paper and you can see all the lines on the back (left)...eventually the paper will not have enough graphite left to use.
Now that the transfer is all done, it's back to the fun part of painting! I tend to want to just jump on in to the color work, but learned the hard way that sometimes taking a few steps to make sure your drawing is right (before transferring) and having a clear concept so you're not changing things AS your painting helps being frustrated later on.