Copied from this answer, as I don't have an English copy of LotR:
Already the writing upon it, which at first was as clear as red flame, fadeth and is now only barely to be read. It is fashioned in an elven-script of Eregion, for they have no letters in Mordor for such subtle work; but the language is unknown to me. I deem it to be a tongue of the Black Land, since it is foul and uncouth. What evil it saith I do not know; but I trace here a copy of it, lest it fade beyond recall.
As the ring was fashioned, at least in the films:
In the case where somebody does not understand what has been written, it would IMO be rather difficult to transcribe it in the correct order and not begin in the middle. So, did Isildur begin the trace at the start of the sentence or in the middle? If he started in the correct order, how did he do that, are there any indications on the ring on where the phrase begins and ends?
To address Paul D. Waite's comment, I link the image of the text I got from lotr.fandom.com:
On that image, which has no official value (AFAIK), there are two identical size gaps.
For reference, here is a phonetic transcription into Latin characters of the text pictured above:
Ash nazg durbatulûk
Ash nazg gimbatul
Ash nazg thrakatulûk
Agh burzum-ishi krimpatul
The Lord of the Rings, Book II, Chapter 2