Your bonsai is suited to be outside, but where it sits in your yard / balcony depends on your climate. If you've had it inside next to a window etc. you will just as likely kill it by sticking it outside in full sun.
As your bonsai is a tree it prefers sunlight, water and fresh air. If you've ever visited a place with plenty of bonsai you will notice they elevate them on pedestal or on benches so that they can catch the breeze and are in a position where they can get access to regular sun.
The problem with having a plant in sunlight most of the day is you need to have a good watering routine.
If you've had it for 4 years and it is in a small container there is a good chance that it is root bound and the roots need to be trimmed. There is also a good chance the nutrients have been sucked out of the soil. Most nurseries will sell a bonsai potting mix. If you take the plant out of the container and there are way too many roots in there you are going to have to do something about it...
But wait! If your plant is near death, the worst thing you can do right now is go and hack off a third of the roots. What I would do is get a bigger pot, even if it is one of those ugly black plastic things and transplant the poor thing into something where it can recuperate. I wouldn't even remove the remaining dirt from the plant, just tease out the roots and plant it in a larger tub with more dirt, add a little extra dirt on the top layer and add some slow release fertilizer.
At least a year later when your tree has grown a full head of hair then it is time to think about moving it back into a smaller pot. If there is still a problem of too many roots you can, now that it is healthy enough to survive, cut back the roots of the plant so that it has room in the smaller container. Make sure you leave a good mix of feeder roots and established roots and I would suggest not cutting more than a third of the roots.
So the process should be:
- Get a good bonsai soil mix
- Get some slow release fertilizer
- Transplant to a larger tub
- Move it to a position where it can get enough sunlight and fresh air
- Leave it for a year to recover
- Once healthy and you want to move it to a smaller container consider trimming the roots
- Establish a better feeding / watering / pruning cycle