Selina Eid wrote:
Would I have to create a TM first
(manually by using the align tool) and then go
one by one to add terminology which I deem
important to a glossary.
Well, the important thing is that you keep both source and target text open on your screen at the same time so that you can copy a term from both documents most easily. You can use Windows' built-in window tiler to tile the windows, or you can use an aligner to do a quick align which would then put both files (in two columns) on your screen, even if you don't create a TM from it.
Or is there any way
Wordfast can extract terminology automatically
from a TM or the document containing the alignment of the source and target
No, Wordfast can't do that. Creating a glossary is a manual process, and having a TM will not necessarily boost your speed.