You will need:
Chinese knotting cord (I used 2mm but I think these could look just as pretty with thinner)
A clip board
Start by cutting a piece of cord which is long enough to wrap loosely around your wrist twice. Fold this in half and loop it through your connector bead. Fold this loop over the bead and pull through the rest of the cord. This will anchor the cord to the bead. Then, clip the bead to your clipboard. This will make the threads easier to work with as you don't have to worry about them not staying taut.
For the knot, take your left hand thread and pass it over the middle 'anchor threads'. Your right hand thread should then pass over the left hand thread and under the middle anchor threads. The knot is finished by poking the right hand thread up through the loop on the left side and tightening.
Now repeat this, starting with the new right hand thread.
Continue until your knot is roughly half the width of your wrist. Pull your final knot firmly and cut the left hand and right hand cords. I the dab a tiny splodge of superglue on the ends to insure they won't unravel. Tie off your two anchor threads with little knots at the end.
Repeat these steps on the other end of the connector bead. Now you should have two long knots attached to either end of the connector bead.
Finally, to make this bracelet adjustable, you need to make a clasp. Loop your bracelet in a circle so that your anchor threads from each end are crossing. These four threads will form the centre anchor threads for the clasp knot. You may find it useful to tie the threads together with some spare cord while you're working with them.
Once your knots are complete, cut off the excess cord and secure with super glue.
There we are! One (much cheaper) macrame charm bracelet!