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reciprocal linking was a thing of the past as far as effectiveness
But its not a bad thing to do if you focus on theme links, can also help you with traffic.
With the amount of time being spent on reciprocal linking you can better use other methods and get more bang for your buck in link juice.
Article marketing is great today, posting to blog networks, Web 2.0 is amazing lately all of them for the same effort of link exchanging will get you better rewards for the effort.
So it won't hurt you if you are in the right neighborhoods, but effort today is not what it was.
Ed
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