What was the order of actions necessary to compile a program on early punch$-$card$-$based computers?

What was the order of actions necessary to compile a program on early punch$-$card$-$based computers?

Read in punch cards $->$ link & load $->$ compile $->$ execute

Read in punch cards $->$ compile $->$ link & load $->$ execute

Execute $->$ link & load $->$ read punch cards $->$ execute

Link & load $->$ read punch cards $->$ compile $->$ execute