Linking and linking strategies is always a difficult process especially for newbies and now with a lot of no follow attributes it seems that the search engines like Google are trying to make it harder, one way links on target or on topic are without doubt the best, the page rank may have some bearing but a one way link on topic with no rank out weighs a handful of off topic page ranked links, reciprocalsare always contentious there are different views and testing does not give a clear answer to how much weight they carry, the question is are reciprocals any good, yes they are still links, the next thing is paid links, these are still very good for on topic referrals and if Google do not know they are paid they can not penalise the site for using them (how would they know if you paid for that link or not), however buying links can get expensive so care needs to be taken to make sure the advantages out weigh the costs, finally we look at three way links, these are where you link to a site who links to a different site who links to you, this is a good way as they show as one way links to the search engines, tracking these links can be time consuming and having to put different pieces of code in he pages to keep tracking them and making sure that the links come back needs to be done.
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