Unless you have a super or photographic memory, I would go for option 1. You're much more likely to remember it this way.
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Alex JohnConsider I read a text and find the word "cast" unfamiliar. what's the best strategy???Learn a word in context.
Alex John2) Reading and learning all the different meanings for both noun and verb forms.This is a gigantic waste of time. Learn by specific usages, not by dictionary entries.