Impaired self-control has been linked to deficits in performance monitoring and is associated with impulsive and compulsive behaviors. Although altered error-related negativity (ERN) amplitudes have been observed in disorders characterized by these traits, it remains unclear how such alterations relate to the translation of monitoring signals into behavior. In a sample of 221 participants, we combined electroencephalography with ecological momentary assessment to examine how self-reported impulsivity and compulsivity relate to daily self-control and moderate the association between ERN amplitude and daily self-control. High compulsivity was associated with increased desire enactment and more frequent self-control failures. Critically, ERN amplitude was associated with better self-control only at low levels of both impulsivity and compulsivity. These findings indicate that the relationship between performance monitoring and daily self-control varies as a function of trait-level impulsivity and compulsivity. While the present findings are correlational in nature, they suggest that considering trait interactions may inform cognitive and neural models of self-control and our understanding of how performance monitoring translates into adaptive behavior.