I'm actually new at this. I read on this forum, posting comments on blogs with similar content will increase the traffic. I also read somewhere here, that getting backlinks from high pagerank website for a low page rank website, will have bad effects! so can someone tell me, what are the things i should keep in mind while commenting on different blogs?
Ummm it is not bad to get high PR links...ever. When commenting on blogs try to keep the messages niche oriented and not too spammy, it will help avoid the sandbox. I do recommend checking out one of the wonderful blog commenting tools available. You can literally create 100000s of backlinks overnight. When you do this however it is important to send these backlinks to second tier sites like web 2.0s and other blogs that link to your site. It is safer this way and again the mythical sandbox comes into play. Hope this helps!
Most blog comments will be no-follow by Google. Try putting your website in the anchor text to increase traffic. However, make sure you stay on topic.