First off, welcome to Pixelation! Second, Imagebucket and other similar hosts will convert BMP to JPEG, so GIF or PNG is the right way to go for pixel art.
See this thread for more info! This is, of course, part of the forum labeled RULES - READ BEFORE POSTING. Finally, get ready for some SERIOUS FEEDBACK.
Don't work on white, you rely too much on outlines, too little contrast in general (or, more simply, your colors are far too similar and gray), vague/nonexistent light sources. Specifically:
Bow - why is it composed of 45-degree angle sections? Why is the arrowhead so huge? Why is the bowstring so thick?
Shield - Again 45-degree angles only, though it sort of works here. The heck are the little icons? What's that red stuff? Why is it shaded like its a sphere?
Sword 1 - This looks like the...like kid-safe scissors equivalent of a sword. All the shapes are big, round, and soft.
Sword 2 - Man this one is CRAZY. If that handle is the size of...well of a hand, that would make the blade what, 6" long? Tops? I would not take that into a duel. I assume that the shape in the middle is supposed to be a guard of sorts, but it is completely flat and unreadable.
At this point the most important thing to work on is basic shapes and lighting. Think about light and volumes and real shapes and the third dimension!!