What do I need to know for the update? Is there anyone who can help me step by step and when is the new update?
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Tuesday 29th October is the day as far as is known at the moment. There will be instructions on the day. There may be differences between the network launched then and previous ones but you could familiarise yourself with the process of getting nodes running on the current network.
You will definitely need an Arbitrum Sepolia testnet address to receive rewards.
This is the page on Discord where the new network will be launched and has the instructions for joining the current network including a link for setting up MetaMask with an address for the rewards.
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