www.evergreengardenworks.com
it sounds like you should leave it alone until you read some of the articles here. water it when it needs it and read up, the articles there will tell you that you should never pot a tree in the sphag... miracle grow stuff, it will also tell you how to grow your tree out, should you choose that path, though it will take a long time.
also, in your profile, you should tell us where you are from so we can give you more acurate info.
welcome to the world of bonsai
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