What is the little symbol to the right of my compass?

[Losse]

It looks like a half moon with an arrow in the middle pointing up with some hyphens on one side.

[Meepus Moopus]

It means that you can level up. Find a bed to sleep in.

[Ezidiac]

its a level up, find a bed (usually at an inn or you can buy your own house with a bed in it) and sleep. it will then pull up a page with your attributes(strength, luck etc.) you will pick three of the attributes to add more points into those skills. the amount you can level up the skills is based upon the skills you have increased toward progress to the level up. so things like strength governs blade and stuff like that. strength adds to fatigue and the amount you can carry, intellegence is your magicka amount, speed is how fast you move, endurance is fatigue and health, will power is magic resistance and fatigue, personality is how much people like you, and luck affects everything you do in the game. i hope this explained what you wanted to know.

[Losse]

Wow no wonder the game was hard as hell on normal...

[Ezidiac]

Yeah, leveling up will make the game much easier doing certain things. also the game does adapt so as you level up there will be stronger enemies, some bandits will have more powerful armor. it adds to the fun of the game and the gold in your wallet