The simplest knots are often the best.
Simple knots are strong knots. Mostly, because they are a lot easier to tie right, lowering your chance of screwing up a more complicated knot. Think about trying to tie a knot while ice fishing with cold hands. The Palomar knot is one of the easiest and strongest to tie. Watch the video below to see how to do it.
Hopefully after that, not only do you know how to tie a Palomar knot, but you also know when to do it. As stated, the knot shines in simple applications. I use it when I am fishing light tackle for finicky panfish.
One of the best applications for this knot is to start off a new angler. Kids can learn to tie this up with ease, leaving you with more time to fish!