Forum Moderators: martinibuster
If I have a website on topic X and I get lots of links from sites with topic Y, will this still help my rankings?
Yes, off topic links can help with your Page Rank and rankings.
Or, should I ONLY go for links which are very closely related content wise?
Closely related links will probably have more benefit as far as delivering quality traffic to your site. If I had a choice I would take the related links for this reason.
Here's some other discussions on reciprocal linking:
Linking Outside the Box [webmasterworld.com]
Linking – What’s the big deal? [webmasterworld.com]
Prompting sites to reciprocate links [webmasterworld.com]