MyBlogLog seems to be a double-edged sword to me. If it is properly utilized, it may help you generate traffic into your blog. However, it was also reported that MyBlogLog reduces your blog earnings. Therefore, to keep or to ditch the widget is entirely up to you. If you do plan to keep the widget, here is a simple tip for you to reduce traffic loss through the widget.
When you are creating your MyBlogLog widget, there is an option where you can either show or hide the screen names or your visitor. You should select “Yes” for this option. This enables your readers to open the link in a new window or tab. I always open new links in a new tab so that I do not have to click on the back button after I am done to return to the original blog. I believe there are others who do the same.
On the other hand, selecting not to show the screen names will force your readers to click on the image thus leaving your blog. When that happens, you will either need to be a popular blogger or have created enough enthusiasm in your readers to make them want to click on the back button to return to your blog.
There is another method a person can get the most out of MyBlogLog (ie. generating traffic to their blogs without losing traffic or earnings). Sign up and login to MyBlogLog but do not display the MyBlogLog widget in your blog. That way, you will still gain traffic from other blogs through their MyBlogLog widget while making sure none leaves yours.
I am not sure if there is a regulation in their ToS that states you have to place their widget in your blog if you are using their service though. So please read their fine prints before proceeding.
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