There isn’t really a limit to the number of times you can do this. It all depends on the type of lube you use, and how often you ride your bike. People who use their bikes frequently are advised to lubricate them regularly. However, some durable lubricants stay on for quite some time. They eliminate the need for constant lubrication.
Alternatively, there are also lubricants that wear off quickly, especially when they come into contact with water. Such bike chain lubes need constant re-application to prevent your bike from wearing out.
A few other lubricants also have self-cleaning properties. If you use these kinds of lubricants, you will need to apply some lube to your bike regularly. That is because the lube sheds off with time. All in all, you should keep in mind that the more you use your bike, the more you’ll be lubricating it.