Somehow my watch became magnetized as I noticed it was running exactly 4.5 seconds fast per hour consistently.
So, to diagnose the problem I made a home made compass out of a magnetized pin, some tin foil and a cup of water.
Upon nearing the watch to the compass the needle moved swiftly. Problem confirmed.
Fed up of having to reset the time every day I purchased a Demagnetizer (made by Anchor) as seen here:
Watch Accessories for Sale
So, I tried to use the demagnetizer by keeping the button depressed and moving the watch close to the flux area (about half inch) and then away again slowly. I'd do this several times in different directions (to the left, right, up-horizontal, down horizontal and up vertical). Each time changing the orientation of the watch (crown down, crown up etc). Also, I made sure the watch was running at the time so the hairspring didn't get tangled.
I did this process several times as after each time there was a little magnetizm left (i checked easily with my iPhone 4 compass (by placing the watch on the screen) and it moved only a couple of degrees vs. 50-60 degrees in the beginning.
Eventually I stopped when the watch no longer disturbed my iPhone compass.
Now here are the results:
instead of gaining 4.5 seconds per hour it is now gaining 1 sec (consistently) per hour.
OK, that's fine but this watch is a Longines and I expect more.
I try the process a couple more times with no improvement.
Does anyone have any recommendations for dealing with the 1 sec gain or my technique ?