When Multilingual is enabled, next to editing multilingual content, you can also only do the translation. 

On the main navigation menu, you will find a new menu called "Multilingual",

Click that menu, and then select the target language you want to translate. 

You can find menu to translate Label, HtmlBlock and Text Content. 

Click "Labels" and then mouse over one Label item and click "Edit", open the Label translation window.

On top is the default language, the content is disabled for editing. 

Under it is the text that you can translate.