I am unable to add my photo folder to the watched folders. My photos folder containing all of my pictures is on myNAS storage device, when I select the folder and click on add nothing happens.
I have already seen several posts about the inability to use the watch folders service on a NAS.
A few years ago, there was an answer from Adobe in the feedback forum that they don't provide help for using NAS on Elements.
I think you are much safer to store your photo library on a conventional internal and external drive and to use your NAS as a backup solution (allowing sharing if you want). For instance, did you try a backup and restore from the organizer? There has been reports of problems if your library is on your NAS. The only way to be safe is to try.
Remember that the only solution to restore both your photo files library and your catalog folder while keeping the links in the database is the backup and restore solution.