It's easy. Make sure domain protection is disabled and your contact details in domain management section are correct. Then start domain transfer with your new registrar (you will be asked to enter EPP key which can be found in GoDaddy account). As soon as transfer is started, you will receive confirmation email sent to domain administrative contact. Click confirmation link and domain will be fully transferred to your new registrar within a few days.
Though I have read some referrences concerning domain transfering, there are still some risks to lose some traffic to the site at the transitional period. Google may catch the old version or the new version of your site, user's experience at your site may be different. So, be careful.
1- Unlock the Domain At Godaddy 2- Initiate the transfer from your second registrar - Enter the EPP Code (Domain Password) once you are asked to. 3- Click the link you receive as the administrative contact of the domain via email. 4- Wait 5-8 Business days. All complete!