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Originally Posted by nhebb
(1) Is there a standard place to put links? I would prefer to create a separate page for the exchanged links. Is that standard, or do many exchangers want links integrated into main pages?
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There are different types of links exchanges. If you go more advanced you will look at contextual links. The benefit is that it helps both of you if you link out from a similar themed page to another.
I will never exchange links with anybody with a links page, it is completely pointless as it offers little value for rankings.
Receipricol and Tricipricol links also offer little value except if you want to up your page PR. What is of great value is to receive contextual on way backlinks from link partners. For this you usualy need a network of sites to negotiate with other webmasters. Rather take your time and go with value when going into link partnerships.
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Originally Posted by nhebb
(2) Would it be better to link out from my blog than from a links page?
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As said before there is benefits when linking to other sites. This is visible when viewing all the .edu sites in the SERPS that are ranking well for terms they have been spammed with. One of the main reasons blogs are doing so well atm is the fact that they link to resources. So backlinks from your blog can be quite valuable if the page the link is located on are related in theme.
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Originally Posted by nhebb
(3) I know you should link exchange with sites that have similar topics. If I make flowcharting software, are other software sites considered narrow enough, or should I focus on an even tighter, more related niche?
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Nope that is fine. Just keep in mind that it depends on the keywords you are targeting, and the themes are mainly based on the page and not necessarily the entire site, although the internal linking structure can have a big influence on your ranking theme.