I am a math major at a relatively small college with barely any choice of classes to choose from so I have to supplement my studying with a lot of self studying.
I usually have no problem getting through the chapters and understanding "most" of what is going on in the chapters. Take for example, Abstract Algebra by Dummit and Foote. I tried studying from this text during my summer break. I spent the whole summer studying the text by reading through every section from the preliminary section up to approximately section 2.3. That is I spent 4 months and barely got through 2 chapters. In my own defense of how long it took me to get through the 2 chapters or so that I got through, I solved every exercise in the text (including the exercises in the preliminary chapters) up to all the exercises in 2.3.
My question is, how do I know when a problem is worth doing? Often, I would get stuck on a problem for hours and when I figure it out, it turns out to be surprisingly simple. Is there a time limit I should set for myself before moving onto the next exercise? If I do skip an exercise, when should I go back to it?
If you get stuck on a simple problem for hours, then, in my opinion, the worst thing you could do is to move on to the next chapter! In mathematics, it is very hard to understand advanced concepts without a very very firm grip on the basics, so moving to a more advanced chapter without a good understanding of the basics (note: a good undestanding of the basics includes the ability to identify a simple problem when you see one) sounds like a terrible idea.
However, I do understand your question. It is usually very hard to judge your own knowledge, and whatever you will do, that will remain a problem. The best you can do is find a study partner and study together with him, having him correct your solutions and you correcting his or something similar...