Ankle sprains are one of the more common musculoskeletal injuries in active populations and can develop into chronic ankle instability (CAI), a condition with uncertain etiology and symptoms that include poor dynamic balance, the ability to maintain balance during movement. The components of CAI are psychophysiological and biomechanical, indicating mind-body connections that can influence the development and persistence of this condition. Preliminary evidence suggests that self-hypnosis, a mind-body therapy, can restore physical performance in conditions like CAI. Twenty-four participants with CAI participated in this experimental pilot study, with a crossover design, to investigate the relationship between self-reported measures of ankle instability and other psychological factors with performance-based measures of dynamic balance and heart rate variability (HRV). Participants also received an 8-minute, self-hypnosis session to determine its influence on balance performance. Perceived ankle instability and dynamic balance were not associated with enhancement-based (interoceptive awareness, self-efficacy) or limit-based (kinesiophobia, anxiety) psychological factors. Perceived anxiety was not associated with HRV. Hypnosis was modestly effective in improving direction-specific (lateral) dynamic balance.