how do is set wrap for _reading_ a file that was already edited before

opening an existing file that have lines longer than the screen width,
how do i format the file for easy reading.

i think that the options 'textwidth' and 'wrapmargin' are effective
only while editing the file and adding _new_ lines...not for existing
lines which will not change whatever value you assign to those
options.Am I right?

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