If you look closely it looks as if his legs are changing places. Other than that I like it.

The character you drew is a pretty solid archetype. Though his arms are very stiff for a walk cycle, and he should move up and down. Walk cycles don't look like that, also, I would suggest looking at a flash submission here called "Walking the Walk."

Then again, this is pixel art so I'm not sure how hard it would be to pull something like that off, but this could definitely use some improvement.

Good luck.

Obviously Thom Sip doesn't appreciate....Moon Walking! I would also suggest his arms sway a bit.

Make the body move up and down if you want to make a walking animation. The create looks pretty solid but animation just looks weird.

Good luck with getting better ;)