Guitar Exercises That Don't Suck

Face it – most technical guitar exercises suck. The benefits they provide are great, but musically, they just aren't satisfying, and this is a problem. The reason it's a problem is because it doesn't compel you to practice if you have nothing to look forward to than droning alterations of various terrible-sounding chromatic lines set to the less than stellar sound of a clicking metronome. So why do not get the same rewards for practicing real music that sounds great, bestows the same training, and makes you feel good about what you're playing?