Investing in the right stock or Making $ from the right stock?

Should I be investing in the right stock and hopefully I will increase my wealth through regular dividends and any unrealized gain as future capital appreciation? The downside of this approach is that my invested capital will be exposed to cyclical market risk.

or should I be making money in the right stock through series of profitable transactions and collecting some dividends, and then slowly accumulate enough realized profits to eventually own a certain number of shares of my desired stocks at a zero cost in terms of cash flow, and then let them run in the market as passive income from dividends and future capital appreciation or if necessary as future draw down by selling some.

At the end of this investing Game, it will look like this:

a) Only realized gains are reinvested in stocks and subjected to cyclical market risks and also participating in future capital appreciation to help offsetting some inflationary impacts.

b) Recovered investing capital will be parked in risk-free Fixed Deposits as draw down during retirement.

c) Don't see the need to make my capital works harder in later years to pass on the wealth to the next generation.