I agree with Jaxilon. More progress updates do help to learn the process. But it is easier to read through them on your imgur gallery. Clever, but I cringed throughout your tracing process. There are a couple of simpler options: Graphite transfer paper, which you put between your tracing image and your art paper, or a light box; you can make an easy home-made version out of a glass cutting board or pie dish and set it carefully atop a standard conical lampshade with your tracing image sandwiched between the glass and your art paper. Alternate light box is a window in daylight. Of course, the light box only works if you detach your art paper from the pad.

This is looking nice. I've been hoarding a couple of hot-press Arches watercolor boards to paint maps on... but I'm not that good at patience when it comes to building up colors gradually. I also don't use watercolors, but transparent acrylics. Need to sit down and practice. =)