A much more powerful system is the journey method, which is the same thing as the memory palace. The first step is to develop a memory palace suited for the information that you want to memorize. If you want to memorize a list of ten items then you need ten loci in your journey. Loci are places like rooms, pillars etc. that can be easily grasped by memory that you place images at when you walk through the memory palace.
Once the memory palace is developed you take the item you want to memorize and exaggerate it or make it 'unrealistic' and you walk through your journey and place each image at each loci. Then, all you have to do is walk through the journey the same way you did when you placed the items and you will simply 'remember' the items on the list, assuming the images are memorable and strong enough.
If you are interested in putting this information in long term memory, Dominic suggests reviewing the information at least five times. First, 24hrs after you first memorize it. Second, one week after memorization. Third, one month later. Lastly, three to six months later.
By using this method, I memorized the ten largest oceans and seas in the world! The first bit of 'useful' information I have memorized.
On a side note, Dominic says that you can combine the link system and the journey system by creating an image that 'leads' into the next system. He also says that you can use a journey over again by simply replacing the images in the journey with different ones.