Can I create my own actions? If so, where?
You can't create actions with Elements. Bad luck today!
You can't use the pen tool either... For other missing tools, we could probably give you workarounds. There are generally many ways to do any editing in Elements as well as in Photoshop. The problem is there are much more tutorials for Photoshop.
Personally, I don't miss Photoshop at all, but if you want a professional us later on, it's the way to go.