My dad taught me how to make a crown knot when I was in cub scouts. I'll be 65 in a few weeks so that will give you some sort of indication as to how long I have been doing this. My dad was a boatswain mate in the navy in WW2 and told me they used this knot to put on the hand rails on the ships.
There are many other versions of this knot here on Instructables.com, but this is the way I learned how to do it.
The photo shows 3 projects that can easily be made using this method.
The left one is a simple key fob, I just forgot to put a key ring on the end.
The middle is a cover for my scissors.
The right is my awl that has been covered with cord.

Step 1: Items You Will Need.

To make the cover for the awl, I used three lengths of paracord four feet long with the inner cords removed.
I have found that you need about a foot of cord to make about an inch of braid.
You also need a good pair of sharp scissors, a very sharp knife and due to medical issues I have diminished strength in my hands so I use a pair of pliers to help tighten the knots.
I also use a large needle to take the place of the awl as I am braiding. I am no longer coordinated enough to deal with the length of the awl.
1. Small awl. I used a small screwdriver and ground down the tip.
2. 3 lengths of paracord 4 feet long.
3. A pair of sharp scissors.
4. A large needle or nail about the same diameter of the awl.
5. A pair of pliers.
6. A very sharp knife.
7. A piece of the center of the cord to tie things together.

Step 2: Getting Started

To begin, I remove the insides of the paracord and then find the middle and stack the cords on top of each other.
At the center of the cords, tie a very tight knot using any sort of knot you like.
I like to use a constrictor knot because it will not loosen until I am ready to take it off and I can trim the ends pretty short so they don't get in the way.

Step 3: The First Knot.

The first knot can be somewhat daunting. As you will see, I do this a bit different then others.
Absolutely nothing against how others do this, This is just the way I was taught.
To begin braiding, separate each strand as shown.
Again, I am right handed and this is how I do it.
I start at the lower left and bring the brown cord over the top and form a small loop over the center knot.
I then bring the upper right brown cord down over the group of cords and lay it to the side of the lower cord.

Bring the bottom green cord up and over the first brown cord and through the loop of the second brown cord and to the right of the upper green cord. Pull it through but do not tighten yet.

Bring the top green cord over the upper brown cord and through the brown loop. Then pull it snug leaving a small loop.
Bring the bottom white cord over the lower brown and green cords and under the upper brown and green cords and pull the cord through.
Do the same thing with the upper white cord. Be sure the cord is on the side shown in the photo. Pull the cord through.
I then put my left thumb on the top of the knot and pull each cord individually until everything is snug.

Step 4: Braiding Around a Center Piece.

This is where you insert the awl into the center of the braid.
I am not coordinated enough to continue the braid around the awl so I switch it out with a large sewing needle.
You can use a nail or any thing else you like. It will just be easier to pull the cords tight with something in the center.
You go through the same procedure as in step 3.
I'll go over it again since it is just a bit different then the previous step.
Bring the lower brown cord up and over the knot to the right of the needle.
Bring the upper brown cord down and to the right of the needle forming two small loops.
Bring the lower right green cord up and over the lower brown cord, to the right of the needle and through the upper brown loop and pull it through forming another small loop.
Bring the upper green cord over the upper brown cord and to the right of the needle and through the lower brown loop and pull it through forming a small loop.
Bring the lower right white cord over the lower brown and green cord and through the upper loops of brown and green cord and pull it all the way through.
Do the same thing with the with the upper white cord, again passing to the right of the needle.
You will never go under the loop of the same color cord you are using. Always go to the side of it.
If you do, it will not tighten properly.
Pull all of the cords tight. I use pliers so I get the cords good and snug.
If you haven't braided like this before, you might want to put a band aid over where the cords are wearing a blister on your fingers.

Step 5: Continuing

Continue to braid until you have reached the length you need.

Step 6: The Last Crown.

Once you have reached the required length, we will braid the crown just a bit different.
On the last knot do not tighten the cords. Leave a small loop at the top of the braid.
Choosing any of the cords and instead of going over the strands this time, bring the end of the cord up through the loop immediately to the right of the strand you have chosen to use. This cord will go under two strands and up through the center of the knot.
Do the same thing all the way around the braid pulling each cord all the way through.
Once you have all of the cords up through the center, I use pliers to tighten each strand all the way around the knot.
I put the center post back into the braid to help with the stability of the knot.
You may have to go around the knot several times working on each strand and pulling the ends tight up through the center of the knot.

Step 7: Finishing Things Off.

Once you have everything tight, the cords can be cut off and melted slightly.
The secret to cutting the cords closely and not cutting the cord under it is to place your very sharp knife on the cord to be cut.
Then instead of slicing with the knife, hold it snuggly against the cord and wriggle the end of the cord you are trying to cut.
I will come off and you will not cut the cord beneath the one you are working on.
At this point I leave the center piece in the braid and melt the cord around it, being careful not to burn any of the braid.

Step 8: Finished

That's almost all there is to it.

Step 9: The Other End.

My hands are such that I can't hold on to the small end of the awl.
So using the same method as before, you can braid around the handle.
This time when I finished in simply cut off the cords close to the knot and melted the ends.

Step 10: Other Uses.

You can use this knot for many different projects.

I braided it around the end of the scissors to make a protective cover for them.
Instead of cutting off the ends of the cord, I simply inserted the point of the pliers in the cord and spread it out and made a nice fringe.

You can cut the head off of a 4 inch nail and braid entirely over it and make a very nice Kubaton.

For those of us that are Turks head knot challenged, You can use this method to cover nearly any object of any length you wish.