Contemplating over Fulbright

I don't know if I should even attempt to apply for this scholarship. I heard the tough competition for this and the usual candidates they look for. What's keeping me from pursuing this is the fact that I might not give a compelling application and its just a waste of time for me and those who would do my recommendation letters. I don't think I'm the person they're looking for although I know (in my heart) I'm scholarship material. But who knows, right? It really doesn't hurt to try. I need to get going if I want to apply for this.