I want you to tell me if you are making money as Affiliate WITHOUT a List ?

I have sites with opt ins and use e-mail marketing, as well I tried to send targeted traffic directly to merchants.

I'm definitely a favor to market over e-mail marketing. Much better ROI for me.

Have you guy's experienced the same ? Or have you made money by direct linking to a merchant ?

Is there a secret to make money direct linking besides to send highly targeted traffic?

Thanks for any ideas

G.