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It depends on the purpose of your trade. If the trades is for traffic...then placement on the page is a factor for sure. You might even want to use a hit tracking script.
If you are talking about hardlink trades....a lot of newer guys just that my PR for your PR...like 4 to a 4. Fact is, the PR of a trade is not as important as the relevancy. If the pages are irrelvant, no matter what the PR of the trade...it is not likely to help you as much. I will still trade links with a site with less PR that I have, becasue you are going to assume that the other webmaster will keep trading and eventually the PR of both sites will be equal.
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