It isn't simply a matter of hot pink lips suiting pale skin or not, its a matter of finding the right shade for your skin, and the look you're after, specifically. I find that drugstore brands do nothing for me, and for lasting, luminous colour, and quality of colour and texture, I have to go beyond drugstore brands, but I'm sure you can hunt down a flattering shade if you do a good, thorough search.
So long as you test out the colour, make sure it suits your skin tone in natural and artificial light, it still looks good after some time, and you have the confidence to pull it off, then go for it!
As for the nude colour, finding your ideal shade will takes trial, testing, patience and maybe a few errors along the way. The fact that you have pale skin isn't the only factor involved: is your skin tone yellow or pink based? Warm or cold? What sort of finish are you after? There are thousands of nude lipsticks out there: and there are plenty of different pale skins. You might have to be more specific about what you're after if you want specific recommendations!