Let's take it from the top:
Judaism opposes superstitions in all forms. A magic red bracelet that promises luck, wealth, and happiness to the washed up rock star (or 19 year old girl) who wears it is, undeniably, a superstition. Therefore, Judaism opposes red bracelets. In fact, there is credible evidence that the red bracelet itself originated in as a way to ward off demons. And the Talmud Shabbos, Tosefta, Chapter 7 forbids them outright calling red strings "the way of the Edomites."
More importantly, the Torah itself abounds with instructive wisdom for those who desire divine protection. A sampling:
Leviticus 18:5: Keep my decrees and laws, for the man who obeys them will live by them. I am the LORD .
Leviticus 20:22: Keep all my decrees and laws and follow them, so that the land where I am bringing you to live may not vomit you out.
Leviticus 25:18
Follow my decrees and be careful to obey my laws, and you will live safely in the land.
Deuteronomy 4:1
Hear now, O Israel, the decrees and laws I am about to teach you. Follow them so that you may live
Deuteronomy 7:12
If you pay attention to these laws and are careful to follow them, then the LORD your God will keep his covenant of love with you, as he swore to your forefathers
Deuteronomy 30:16
For I command you today to love the LORD your God, to walk in his ways, and to keep his commands, decrees and laws; if you do this then you will live and increase, and the LORD your God will bless you in the land you are entering to possess.
Are you catching the recurring theme, here? The Lord says, "follow my decrees," and not "wear some stupid bracfet."
I know this might be painful for those of you who would prefer like to believe there exist shortcuts to heavenly grace. Here's the bad news, though: there are no shortcuts.
Judaism, like life, is hard.