Standard way of link building?

I have seen many topics on many forums and still I wonder what the standard way of link building is? How to gain more PR and traffics?

For example my website deals on Corporate Personalized Gifts business and currently on PR3 with 400 Visitors per day.

Do I need to go with my business related sites with any PR and with any Traffics?
Do I need to go with my business related sites which has PR greater then my site and which is having low in traffics?
Do I need to go with my business related sites which has PR greater then my site and which is having high amounts of traffics?
Do I need to follow do follows?
Do I need to go with any sites which have greater PR and Traffics then my site, but the business is not related to my site?

Please do advice me on this…

Exchange links with other related site who has a high pr,it could make your site have a good pr,then your site could be appear at the top of search engine,the traffic would be increase.

What count most is the number of relevant sites that you are getting compared to those irrelevant and NoFollow sites..

It is much better if you join forums which is related to your niche to avoid increasing your bounce rate... If you have targeted your niche correctly, your traffic will increase and your sales too..

Forums with good PR and a large network of members are very helpful for building backlinks as well as getting and sharing information with other Internet users. You can also attract more visitors to your site and this means increased traffic.

Backlinks, with or without PR, dofollow or nofollow, relative or off-topic would benefit you in your PR.