Movement in the virtual world is limited by a user's real-world space. At best — if your play space is large enough — you can walk a couple feet in any direction. To go beyond that, you will have to teleport.
Teleporting is a multi-step process consisting of the following actions:
Pull and hold the trigger of your motion controller. While held, a beam will appear from your controller and arc in the direction your hand is pointing.
While still holding down, point your controller such that the end of the arc lands at the spot in the virtual world where you want to teleport. Be aware that the arc must be green; red means you are pointing in a location where teleporting is not allowed.
Release the trigger. You will immediately be moved to the pointed-at location.
It can be useful to teleport and rotate simultaneously. To do so, during step 2 above you will continue pulling the trigger while also moving your controller's thumbstick around. You will notice an arrow appear and point towards the direction your thumb is pointing, showing you the direction you will face when your thumb is released.