as the title says.. I'd like to explore some more by removing the compass and only have to look at my map where I dont like knowing precisely where I am. can I change this in some setting or do I have to mod it?

I'd like this option as well, would create a lot more exploring. Although i'd definitely recommend more signs.

There's a mod called http://skyrim.nexusmods.com/downloads/file.php?id=912, that allows this and much more. Anyway (at least for me) even if the marker is hidden, you can still know where you are because when you move the mouse over the map, the "current location" text pops up.

I've been using this mod almost from the beginning, and I didn't only hide my position. I choose to hide all markers both in map and compass. I use the compass for orientation only, and I don't open the map while traveling (I have a paper map here in my room). I only open it to see quests markers, that I activate only for a moment to see where they are, before heading outside the city for adventuring.

Anyway I don't know if hiding captions is also doable... maybe it's something hard-coded in Skyrim. This mod seems to replace the markers with transparent markers.

Ini settings do that, but this handy http://skyrim.nexusmods.com/downloads/file.php?id=912 program can set those for you. It allows doing that among other things. The map will still focus on you current location, and hovering the mouse over your location will still display it, but it's the best i know of.

Ahh, ninjas!

You know what would be even more cool? Loosing the compass altogether and using the sun and shadows for orientation. But I'm not sure how it would work at night. Are the stars a trustworthy guide for direction?

I though on that at start, and even tried to learn about the moons and some mountains to try doing it, before disabling the compass. Noticed that a moon was always East, and that 3 stars where at another direction.. the problem was daylight, cloudy days, or snow storms.. so as it was too hardcoe for me, I decided to leave it for a second char, once I knew the gameworld better. After 450 hours I started it, but to be honest I'm still with my compass around. I can survive without quest, locations, and enemy markers, but without compass I'm doomed.. if I exit a dungeon from a backdoor, I know more or less where I am looking at the paper map, so I know for example Solitude is northeast, and I try finding my way there... without it I could walk south and don't notice it until I get to a familiar area.. Which could be cool sometimes, but not always.. walking 40 minutes (I don't run) to find out you just headed the opposite way, its frustrating.

Anyway, tell you something.. maybe I try it.. it could add a bit more immersion and realism.