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Classic reciprocal exchange has existed for years already. Provided that webmaster follows some rules, it serves as a reliable mechanism to improve the link popularity of the website, its position in major search engines, and drive more visitors. The rules are simple: exchange links with good and authoritative websites, organize your link directory properly, make sure that all links are reciprocal. Though it sounds easy, practical implementation may be hard, therefore, there are now all kinds of link automation systems in the Internet. The Reciprocal scheme, however, has some drawbacks, which cannot be addressed within its tools. Number one, it can be easily tracked by search engines that the websites you link to, link back to you as well. If this is accompanied with a sharp growth in the number of incoming links, a penalty may be applied by a search engine, and I experienced such penalties myself in the past. Number two: these days everyone runs a link exchange (except for microsoft.com and similar). When a lot of people do same thing, it is difficult to gain advantage. To avoid this problem, a new solution came to existence in recent years. Now, webmasters tend to utilize the so called Triangular or one-way link exchange. Under this scheme, the website you are linking to does not link back. Instead, a third website participates in the exchange and gives a link to your site. Such a system hides your efforts to improve your link popularity from search engines, because even a quick and unexpected rises in incoming and outgoing links do not correlate. 
There is one difficulty about the Triangular Exchange - you must have at least two websites to invite people to it. Or, if you still have just one site, you will have to find partners with at least two websites so that at least three different websites participate. But this will pay off soon, as pure incoming non-reciprocal links are rated much higher, especially if they come from quality sites, making your website immediately improve in SE listings.
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