My 5 year old boy has been diagnosed with genu velgum, what should be steps towards its cure?

Depends on cause: Genu Velgum (knocked knees) ages 3-4 can have up to 20 degrees and rarely worsens after age 7. After 7 shouldn't be more than 12 degrees. Did your MD offer a reason? Rickets and some skeletal congenital diseases can be a factor. Bracing is rarely used anymore. Surgery is considered in those above normal degrees. If child overweight work on healthy lifestyle. Work with MD to determine best plan

Give it time: Babies often change from appearing "bow legged" as they start to walk; "knock kneed" at 4-6 and straightened up by 8-10. The most some do would be to document the amount (measurements from x-rays), since this is all relative. This is a conversation you can have with the kids doc.If s/he did not explore the issue it was probably mild enough not to do so, but I would discuss that.