There are many ways to do it. I just pulled my rock with 'em out of the water, found a nice sized clump that wasn't well attached... took out my exacto knife and made short work of them. I then rubber banded them to a rock for a couple weeks (2-3 depending on new growth) until they attached.
I dont' put mine in another tank yet (sadly), but I do trade them at the LFS for different corals and store credit.
If you search, you can find probably even more ways to frag em.