I think it's a compass and a map.

The words seem to spell out part of the famous quote from J.R.R. Tolkien that "Not all those who wander are lost", probably meaning that the guy wearing it enjoys traveling. That would go with the map and compass theme. But they made a pretty bad mistake spelling the word "wander" with an O instead of an A, and now it doesn't really make any sense. If you want to get something similar, make sure they spell it correctly. 

tattoos don't have to have deep meaning (neither do they have to signify anything at all)

Thanks all :)