Thank you for the nice comments, well in way this is just practice, that is why this is restricted to 4 frames only, after that I want to go for much more complicated and advanced pieces of work.
The main purpose I started this was because over at the VG Resource's Forums there is a forum project in which users are allowed to create a fighter of their choice using a restricted palette and image size, also, most of the animations are usually 4 frames long.
So basically, yes the character is meant to have a fighting stance. Personally, I created this character to have a "relaxed" nature, his hands would be in his pockets, and he wouldn't move much. But since he will be fighting for his life, he must have some sort of visual representation of a defensive stance.
Now about the running, well I have never made a running/walking animation ever, I have a few references but I can't get it to quite look what I want it to, the torso and arms are what keeps bugging me whenever I try drawing them. That i why I drew the legs separately, because I have created pixel art that shows character as if they were running, but there is no animation in progress.
And finally, thank you for liking the character, the animation actually took me a while because it was my first animated character ever, so this is the latest version of him yet