Some type of squatting is better than no squatting at all. There are always "as good as squat" lifts but they never worked for me. In my opinion it's probably the most important lift that one can do. Start light, and go from there. People want to stack plates on each side but you must start somewhere. I can't really think of another lift that works your whole body, besides cleans or deadlifts.
Squatting on the smith machine may work for some people, but the movement felt very unnatural to me. The smith machine seemed to bother my knees more. Stablizers didn't seem to come into play either.
There is nothing wrong with dumbell bench press. I try to do one chest exercise with dumbells weekly. I wouldn't phase the barbell completely out though.
5x5 workout plans are great. You can build a ton of muscle and strength with that program.
Power is in tearing human minds to pieces and putting them together again in new shapes of your own choosing. George Orwell, 1984
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