The compass just points north(
ish), it doesn't offer waypoint information.
You could look into
dead reckoning and learn how to chart a course, but that's way beyond hopping into the sim and following a line on the map.
You can also try estimating the course to your desired waypoint by using the terrain and landmarks(villages, etc..) to find your current position relative to it(which is what I do).
If the map you're flying on has
beacons(placed by the mission designer), you can also use those to determine your position.
If you're serious about manual navigation, you can also
print the maps so you can use them like you would a real navigation chart.