Cheap camera strap by charlie617, on Flickr
I use this along with my carryspeed sling. I typically unmount the carryspeed if I'm at home or someone else's home. For eventish type photography, the carryspeed is god's gift to man, but when I shoot and store in bag often, rope strap is all I need.
I found the instructions on this forum, and had a proper rope until I found the glowstick rope and it gave me an idea. Same concept as the regular rope, but with the ends, I could use it to tighten to my wrist for that extra security.
that red string/handgrip will do more harm than good. Imagine if you drop your camera suddenly; all of that force would cut into your wrist since there the fabric is not spread out enough to distribute the load.
"wrist problems you will have, most certainly." --yoda