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Unfortunately, you can't choose where you lose fat. You just have to lose enough weight that your waist slims down along with the rest of you. You can firm up your waist area by doing russian twists, holding the "boat" pose or planking (yoga). Exercises and yoga holds that target your core will all help firm up your waist and burn calories.
Wait, I think I remember this thread... isn't this one of the threads where Shouryu was er... squatting all over the forum?
Lets see my routine goes something like the following:
Mondays - Chest day. I only do one lift for the chest - the bench press. It's a good compound lift that also hits the tris. My current PR is 230LBs, which is 10 lbs less than bodyweight. This number needs to be around 275-300 at some point (my bench not my weight lol). I seem to be making progress on that front, I can crank out 225 with a lot more ease than I used to.
Wednesdays - Alternating back or Leg day.
If I'm doing back day I'll usually go with a hybrid between a rack pull and a yates row, but sometimes I go for a full bent over row. Depending on the angle I'm at anywhere between 105 and 135-145 lbs for those. I should really try pushing these farther, I'm sure I could do more weight.
I also do T bar rows sometimes. I've done them with as much as 115 lbs on the side of the barbell I'm rowing (again depending on how big the plates are and how close to my chest I pull them). I'm not counting the weight of the barbell for these as you're not lifting the whole bar. I could probably push these farther if I didn't train the rest of my body so hard earlier in the week.
For lower back I do deadlifts. I don't use lifting straps so I'm grip strength limited to 305 lbs on the deadlift (give or take 20 lbs). It also hits the traps and the abs a bit.
Fridays (sometimes I do this workout on Thursdays) - LEG DAY!!!
Squats. Lots and lots of squats. I usually do a couple reps at some really low weight to warm up, then start stepping it up.
I'm at 305lbs below parallel without a belt. Depending on the week, I can get up to 370lbs at slightly above parallel with a belt and knee wraps. 345-355 is probably my jam. I can pretty much always make that number with just a belt and leg wraps. My ultimate goal is 425-450 lbs, but I'm probably a year or so from that at the rate I'm progressing at the moment.
I usually don't deadlift and squat in the same week, so I do some sort of rows if I'm not deadlifting that week, and that's the day I throw in whatever isolation exercises I might want to do.
As for Cardio - I pretty much always end up doing 10-20 minutes of it on a stationary bike after lifting. It helps to stave off DOMS (Delayed Onset Muscle Soreness). I should do more cardio because I need to lose about 40 lbs, but I just hate cardio and I can still get my heart rate up into the 125-130 BPM range with the right compound lifts.
I've still managed to lose 15 lbs this year and with the intensity I weight train at (30 minutes 3x a week if I'm exhausted, 60 minutes 3x a week if I'm rested) I know I've gained a considerable amount of muscle mass. I don't get hung up on BMI or body fat because I know if nothing else I'll end up another 15 pounds lighter in another six months. Counting calories also makes me weaker when I lift and I just don't like feeling weaker.