Nope, don't look at it as a compass. Don't even look at it as I am stearing left and right or going up and down.
You will quickly develop a habit that is difficult to break later on especially when you start with aerobatic moves and when you put the plane in strange positions.
This is also a quick root to completely forget about rudder stick :P

Always remember that you need to roll and/or pitch and/or yaw the plane in addition to speeding the engine revs.
Also for throttle don't think of it as gaining or reducing speed

It might appear as though in the beginning, but believe me you will come to realise later on that it is not necessarily true!