I my opinion the link exchange is only good if you are are exchanging with your friends. Since the Web has a vast opportunity for you to make friends online who are loyal to you. Forum is also an example of the platform to make friends where you share your professional experiences with them. So keep in mind if you want to do Fair link exchange you should be first stood fair from your part then expect from the other.
Once your link is placed on others site you should never remove others link from your site. This is only the one and only rule of link exchange. Keep building links and keep moving your site up in SERP.

Regards
Amjad Khan

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Strugling to Learn SEO : Amjad Khan

My one article directory banned from google SE for using link exchange software.

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Yeah i also think mannual linking is best it helps to maintain the quality of the links othere issues. Semi automation is Good to some extend.. but site should always be

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I saw ur site i will try it definitly after some time . because now i m busy.

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