Alchemy...

What is alchemy?
Alchemy is enchanting you weapon, armor, or accessory.

What does alchemy do?
If you have ever seen a weapon, armor, or accessory with a (+1), or (+2) etc. after the item name, this is what alchemy does.

How many +# can I have on an item?
You can have up to a +9 from my understanding although I’ve yet to see any this high. The highest I have seen is a +7. The +# on weapons also gives different color glows depending on how many +s you have. For example a + 3 weapon would give just a nice shiny glow to your weapon.

What does the +# after the item name mean?
This basically means that the item is 1, 2, or 3 etc. levels higher then its current level although it is not as good as an item actually that level would be.

What do I need to do alchemy?
An item, elixir, and a lucky powder are the only things needed. The lucky powder isn’t necessarily needed but it is recommended because it seems to give a much better chance of a successful enchant.

Tips for better success in enchanting:
Lucky powders: Increases the chances of the alchemy succeeding.
Mods-
Steady: If enchanting fails it prevents equipments from losing durability.
Immortal: If upgrade fails prevents equipments from breaking(losing the item).
Lucky: Increase chance of successful upgrade.

Now let’s learn how to use alchemy on an item. Let’s say you want to enchant your level 24 bow. Lets say your bow has 4th degree on it so go to the grocery store in Donwhang and buy a 4th degree lucky powder. Once you buy the lucky powder you need to find or buy a weapon elixir since a bow is a weapon, once you got all of that press “A” and right click the alchemy action; it looks like an open scroll. This will bring up a new box with an empty square this is where you place your bow, so put it in there now. When you place your box in the empty box 2 other boxes will open up this is where you place your weapon elixir and lucky powder. Go ahead and do that, once you have press the Joint button. In the chat window it will let you know if the alchemy succeeded or failed.
If you had +2, +3 etc. and the enchant fails you will loose those +s, durability and even possibly loose the item, I haven’t lost the item yet from a failed enchant so it’s a low percentage to loose the item. That’s about it on enchanting an item, good luck. http://www.silkroadtavern.com/strategy/guide/435/p/3