Error management training is an intervention that capitalizes on the cognitive benefits of making errors for transfer of training, while minimizing the negative effects of errors on motivation. This study examined the effects of the structural and instructional components of error management training within a resource allocation framework, and investigated the role of distal predictors (cognitive ability and learning goal orientation) and proximal predictors (self-regulatory processes: emotion control, metacognitive activity, and self-efficacy) on training outcomes. Participants (N = 161, mean age = 39.7) were recruited from the community and were trained on computer database software in one of three conditions: high structure + error encouragement instructions, high structure + no instructions, or low structure + error encouragement instructions. Training effectiveness was assessed on multiple indices of learning (task performance, knowledge structures, and self-efficacy), measured immediately following training and after a 1-week retention interval. Key findings include an age x cognitive ability x effect of instruction interaction for training performance, indicating that individual differences should be considered when designing training to optimize transfer. Low structure training was found to enhance immediate task performance for all learners, but this effect did not persist over time. In addition, emotion control fully mediated the relationship between learning goal orientation and self-efficacy for knowledge retention in the error encouragement training conditions, as well as interacting with the effect of instruction to predict task performance.