I agree it's a hard one. When I was first trying to learn it I browsed around a bit and read a couple different how-to's. Still pretty tough to get right, but it helps to look at a few different ones all with pictures.
http://www.instructables.com/id/Paracord-monkey-fist-guide/
http://www.animatedknots.com/monkeysfist/
http://paracord-projects.blogspot.com.au/2010/03/monkeys-fist-knot.html
http://www.instructables.com/id/Paracord-monkey-fist-guide/
http://www.animatedknots.com/monkeysfist/
http://paracord-projects.blogspot.com.au/2010/03/monkeys-fist-knot.html