I'm righted hand and when i'm playing the strings with a pick i usually have my pinky resting right around where the pick guard is (just to stabilize my hand). is this bad technique or is it ok. will it slow down my picking at all
I'd say people are divided about 70/30, most people saying anchoring (what you're doing is called) will inhibit your playing further down the road when you try playing faster, others say they can play as fast as they want while anchored. I've seen a few pros anchor, but I think the disadvantage is you don't really have complete control. I'd probably put myself with the 70% who say it's not as good as learning to play without anchoring.
I would say whatever is comfortable for you, although anchoring could cut your ability in trying to manuveur your left hand, but me personally, I don't see that true completely, so try not to worry about it. Only to certain extends will it get in the way, but you can surely overcome that; many famous artists have.
Anchoring is bad technique and will slow you down over time. Read the sticky.