Yeah it definitely takes lots of tries and a huge investment of gold. If you buy just a basic (white name) ring or something (I did a bow actually) from the merchant and try enchanting that, it works best. It costs quite a bit more to enchant rare or unique items, so you'll go broke a lot faster with all the fails and disenchants it takes to finally get it.
For me I think there were at least a half dozen times where I'd get to 8 or 9 enchantments only to get disenchanted, and more than a dozen other times where it would get disenchanted at lower levels. There's not much else in the game worth spending your gold on however, so really it's just a matter of playing long enough.