Of course there are two big problems with this. First of all there is never a point when you receive enough praise or achievement that you overcome your feelings of inadequacy. You'll always crave more. It never ends. The second problem is that while you are temporarily made to feel at ease by your achievements, the opposite is also true. Failures just verify those fears that you're not any good, or that you're a fraud. What makes this even worse is that most times you try you won't succeed. You will lose far more auditions than you will win. You will not get most jobs you apply for. You will never play a perfect recital. It is these realizations that lead us to developing fear.
So what do we do? How do we end this viscous cycle? The key is changing your prospective. Stop focusing your energy on the temporary joy of achievement and instead focus your energy on the unending joy of the process of knowledge. Practice and perform because you love music, not to receive praise. Take auditions not to prove to yourself how good you are, but to gain knowledge and wisdom. It's the process of learning that brings us true happiness, not achievement. Don't define yourself by what you think others might think of you. Define yourself by joy you get from playing music every day.