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Don't do two-way link exchange. This is when you link to a website with the agreement that that website will do the same to you. This may have worked a few years ago but because people abused that type of link exchange, the search engines stopped acknowledging those type of links. Too much rank manipulation... you know. So if someone e-mails you that type of exchange request, tell them what's up, or to try a different career. Now, the three-way link exchange may be the most common type link exchange request these days. This type of link requires a third party website to link to you so that you link to a different website.