The main problem with using yourself as the basis for a character, and using your own experiences, is that nobody would believe you. People are quite willing to accept a character who experiences run-of-the-mill things. However, not many of us have that kind of life - if we have anything worth writing about.
Perhaps we choose situations based on what we wish could happen in our lives. Many women write about passionate love stories, while huddled under a lone blanket in a spinster flat. Many men write about a character finding himself in a situation where he is the hero, while taking out the rubbish and listening to a nagging wife.
What do I want to write about? A passionate woman who has her sights set on writing novels, travelling and making a difference in the world. A woman who has experienced many personal challenges and come out stronger on the other side.
How strange would that be.