The forearm is particularly interesting for a compass tattoo because the circular design has enough space there, and its orientation can be deliberately chosen.
Inner or outer side?
On the inner side, the compass feels somewhat more personal; on the outer side, it is more visible. Which option is a better fit depends on whether the tattoo is intended to be more of a reminder or a visible statement.
What size?
A compass needs enough space for its lines and directional details to remain clear. At the same time, it does not have to cover the entire forearm.
Test the orientation beforehand
Especially with a directional design, the rotation can make a big difference.

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Lotus forearm tattoo: placement, size, and effect
Compass Tattoo Meaning: Direction, Travel, and Finding Your Own Path