Muttonbuster,
I'm new to this forum but I hope you'll give me a chance to help you.
Picking technique varies between different players and while some say you must do "this" in order to achieve excellence, others say you need to do "that".
So who do we listen to?
First and foremost,you should follow any instruction your guitar teacher has given you in this area and practice exactly as he/she has instructed. With a good teacher results WILL come as long as you do your part.
If your not currently taking lessons from a reputable instructor I highly reccomend you do so. You will be amazed the amount of frustration, time and money a good teacher can save you. I've been there and I know.
Until then, it would be my honor to offer some advice and exercises for you to do to help improve your technique. The following are basics and will vary at times. To start with we'll focus on the basic foundation.
1) Use a metrenome. It is critical that you find the maximum speed you can play cleenly at do not exceed this speed, for now, until you have mastered proper technique.
2) Hold the pick between your thumb and index finger so that your thumb is flat and your index finger has a slight curl to it. Pick up a small object between your thimb and index finger and look at the shape. This is the way they should look when holding the pick correctly.
3) Use a thick pick. A thin pick will flex too much and while you may think the lack of resistance will help you pick faster, it will not. Your fingers, arm muscles, wrist and technique will control the attack and the way the pick moves through the string. You want control. It will seem awkward at first but it will improve.
4) The pick should be perpendicular to the face of the guitar but will angle slightly as it moves through the string. Don't pick the string with the pick flat against the string.
5) Your fingers will be gripping the pick (say a standard Fender pick) about mid way and you'll be opicking with approx. 2-3mm of the tip of the pick.
6) Your pick hand will be controlling the pick, holding it securely but you do not want to have a death grip on it. Your hand needs to be free of tension and just let the other fingers relax. No need to force the pinky out there.
7) For now, don't anchor your pinky. Touching a reference point on the guitar slightly is one thing. Anchoring is another. Your hand and arme need the freedom to move slightly along with your wrist movement.
8) your wrist will do the up down motion, your forearm will control the slight movement from string to string and your fingers will not move up and down over the string or in circular motion's. Let the pick pass through the string.
Work on this for now. There is much, much more to cover. I have to go now but I will give you more info later. Remember to go slow, relax, keep the tension out of your body and be patient. Did I say go slow? If not, go slow.
Speed will come with accuracy and improved technique. Not by gritting your teeth. ;)
Take care.
Jeff