When you want to exchange links with other web sites, make confident you do so in a all-natural way, by which I mean write about the other web site in some way and location natural links inside the body text.
And contemplate just giving to get. By which I mean, link out to helpful items for the edification or entertainment of your guests giving no consideration to the immediate usefulness of that link to you.
What goes around will come about. When you are observed as valuable, other people will link to you. How To Disavow Links includes further about the meaning behind it. You do then get your links eciprocated\, but it might not be from the exact same individuals to whom you linked.
That is the natural way of linking that Google wants to see.
Do not, below any circumstances, maintain anything (other than internal navigation) that could look like merely a list of links / link farm, simply because Google will discover it, will not like it and will penalize it.
Reciprocal linking, in the form of lists or directories merely designed for that really objective can not do something to help you with Google (quite the opposite, in fact) and as a result, est mortuus. [RIP].