Alex,
You've gotten great feedback on ferrules. The instructions are in Ellsworth's "T" tape, now called "tools for hollow turning". It is also in his new book, which I highly recommend for any turner-bowl or vessel turner or not something can be gained from that book for anyone. I'd go to a local craft shop to look at their "braided nylon" cord selections. The stuff I'm currently using is more than a 1/16" and slightly under an 1/8". Basically, a loop is made on one side (and a "tail" on the other) is made over the recessed area and then the cord is wrapped over the loop. When it's fully wrapped the end of the cord that was being wrapped is placed into the loop end, then by pulling the "tail" it will pull the looped end (and the loose end of the wrap)slides under about half way back under the wrap. If you go to far, just wrap it again. I run a steady bead of CA (thick, is what I have and use) around the front and back of the wrap and then zig zap over all of it. After smearing the CA into the wrap with a finger, wiping off your finger in some shavings before you glue yourself to something, a spritz of accelerator and it's done. Better instructions are in the book or on the video, but that's the basics of it.
Mike Hunter's tip about using the springs is another excellent option. I haven't done that yet but I've been able to see it on other turners handles.