In ultimate frisbee, players are allowed to take a maximum of three steps while holding the disc, but they must keep one foot planted as a pivot foot. Once a player catches the disc, they must establish a pivot foot and can then take up to three steps to either throw the disc or establish their position. However, if a player catches the disc in the air, they cannot take any steps before they land.
This rule helps maintain the flow of the game and prevent traveling violations. Always check the official rulebook of the league or organization you are playing with, as there might be slight variations in the rules.