People believe that momentum is a force that accounts for success, but does the power of momentum reside mostly in performers’ minds? Field data from an Ultimate Frisbee tournament (N = 519) and six experiments (n = 2,533) examined the effects of experiencing psychological momentum on players’ beliefs about their performance as well as their actual performance. In Experiments 1a-d, individuals who completed a competitive task that became progressively easier perceived that they had more psychological momentum and believed that they were more likely to win, but did not win more often. In Experiment 2, individuals who experienced positive momentum were more likely to incorrectly predict that they would win a competition, whereas participants who experienced negative momentum were more likely to incorrectly predict that they would lose. These discrepancies in predicted and actual outcomes occurred despite financial incentives to make accurate predictions and to win the competition, and with full knowledge of the competition task. Finally, individuals in Experiment 3 who experienced positive momentum were more likely to bet on their future performance, yet they did not perform better. Experiment 3 further examines two possible moderators of the effect of momentum on expected performance: players’ growth mindset about their skills, and whether they were an underdog in the competition. These results indicate that psychological momentum may influence performance expectations more than it influences performance outcomes.