I am nervous about erasing my watch. I like the setting and all the apps. Will I loose them when I reset?

Sure, I know that feeling. Rest assured, you are safe when you follow these instructions:

https://support.apple.com/en-us/HT205189

When you unpair your watch a backup of your health and fitness data is made and uploaded to icloud,when you come to re-pair yor watch you are asked if you want to set it it up as new or restore it from a backup,you choose restore from backup then all your health and fitness data is downloaded back to the phone from the icloud backup and you carry on using your watch with all previous data intact.