It was purchased from a garden shop that does sell bonsai trees (proper bonsai) but I only got what I could afford.

Ok so basically I leave it as it is for the next ten years? Just take care of it with watering, sun and fertiliser every 2 weeks? Will the tree get bigger/taller? Or am I supposed to prune in next years?

Nooblet wrote: It was purchased from a garden shop that does sell bonsai trees (proper bonsai)

I see.

Ok so basically I leave it as it is for the next ten years? Just take care of it with watering, sun and fertiliser every 2 weeks? Will the tree get bigger/taller? Or am I supposed to prune in next years?

Not 10 years, but long enough to study how to train bonsai

You certainly don't want to leave the wire on 10 years. You got conflicting advice; in my opinion removing the wire now may damage the tree, also because you don't have proper wire cutters (that's an assumption. correct me if I'm wrong).

You want to keep the wire on long enough to be sure the trunk/branches have set and will not return to their old position. You want to remove the wire in time, before the wire grows into the tree - in which case removing it will be difficult and risky, and it will leave ugly scars.

You need patience. You need to check regularly. When the wire is biting in a little bit, it is time to remove it. There's more information to be found using Google and search for: "Bonsai when to remove wire".
Here's an example: crataegus.com/2012/12/04/wire-woes-when-to-remove-wire/

You do not really have to check every day. Monitor the growth of the tree; the faster it grows, the sooner the wire must be removed.

The '10 years or so' I mentioned concerned leaf reduction. Leaf reduction is not relevant at this stage.
What you need first is growth. Without growth you cannot develop this plant into a bonsai. Also, that big cut wound needs to heal (as much as possible), for that too you need vigorous growth. Yes, you do want the tree to get taller, before you start making it smaller.

Yes, do simply care for it properly. There is more to learn - about pruning and repotting for example - but you have got time enough to study and learn how and when to do all that. Most important thing for now is to keep the tree happy and healthy.

Thanks for the informative reply. I understand what you mean about the wire. I will follow your instructions and hopefully I can eventually turn this tree into a bonsai one day.