First thing you've got is anatomy issues. As the previous posts said about how it doesn't look natural, you should show the muscles in the sprite, it has a skeleton, a muscle structure, think of all that and create a pose.
The lack of shading shows the sprite as flat. The body should be shaded with more depth to show those muscles, and make it a bit larger since he looks weird. The shirt should at least show the chest, and some wrinkles on the clothing to make it stand out, it looks flat so far (the whole sprite, really). Same goes for everything else.
The hair needs more hairlines, as if it were real don't keep it flat.
Experiment with the colors, don't limit yourself with light colors only, use less saturation a bit and use darker shades instead.
Shade over the outlines according to the light source (same as you did for the shirt).
And never use pure black in pixel art, for metal shading:
http://www.eminweb.com/forum/index.php?showtopic=407For examples, check Dollmage's thread for some execellent side view battlers (Only as an example, though). You don't have to follow it, just see how it is worked.