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Is it better to read the screenplay first and then watch the movie or watch it and then read the screenplay?

Over the course of time, you'll want to do both. And add a 3rd option: Read the script WHILE you watch the movie. This approach really allows you to track script-to-screen adaptation. There's advantages to each. In general, if there's a movie you REALLY REALLY want to see, probably best not to read script in advance. However in this business when there is so much time spent between script development and date of release, it's nearly impossible NOT to read movie scripts BEFORE they come out, that is if you want to keep up with what's going on.

Thanks for your advice sir.