i Have many outgoing links in my blog do i need to set nofollow for all out going links. My blog is listed in my recent blog.
If you have a high PR blog with a lot of outbound links - you send your link juice to these links and you may risk losing some of your PR. Set nofollow for the outbound links that you haven't "signed a contract with". Some people only buy high PR links because of the PR, so setting them to nofollow would only make them mad.
Yup like others said if you sold those links and then make it nofollow it would be like cheating them , though not you can make it nofollow as if they are low pr sites then it may affect your pr as well.
The ONLY reason you should nofollow outbound links is to tell the search engines that you are not willing to vouch for the site you're linking to... so if a spammer drops a comment on your blog pointing to a site that is violating Google's webmaster guidelines, that YOUR site doesn't ALSO get penalized for promoting a "bad" site should that site get reported for violating Google's webmaster guidelines. If you make a blog post and cite another authoritative site because they have some good information for your visitors that you are referencing then you SHOULD follow the link... regardless of whether that link was paid or given freely. If their material was worth citing then they deserve a followed link.... Hording PR doesn't do you or anyone else any good. Nofollowing a link does NOT increase the amount of PR passed out on the remaining followed links any more. So NOFOLLOW is now only useful for what it was invented for... to say that you don't trust and are not willing to vouch for the site being linked to as with blog comments on an unmoderated blog.
Canonical is spot on with the nofollow tag... the only thing I can add here is that outbound links will not decrease your PR as mentioned by Sweely but your inner pages will get less PR juice.
This isn't true.. All links drain PR whether they are nofollow or not. If you have 10 links on a page, each one is ~1/10th the juice. If 5 of them are nofollow, their link flow will go to zero but the other 5 dofollow ones will still be ~1/10 each. So instead of giving out 100%, you're giving out 50%. Basically, there's no real reason to use nofollow unless its on paid links and affiliate ads. If its a site you don't want to vouch for, you probably shouldn't link to it at all