This report illustrates the didactical concept and implementation of a theory–practice learning setting where preservice teachers counsel pupils from local schools on their self-regulated learning. The learning setting is part of the preservice teachers’ psychology curriculum embedded in their educational foundation studies and aims at fostering preservice teachers’ psychological literacy; specifically, to reflect their own and other’s behavior and to apply their psychological knowledge of learning and counseling principles into real-life counseling sessions. Besides describing the motivation behind the structure and content of the theory–practice learning setting, the report discusses results of a first qualitative analysis of the preservice teachers’ learning journals, which function as a reflection tool and are part of the overall evaluation design. Results indicate that the practice task (counseling session) is a complex and demanding, yet instructive and rewarding, learning setting that fosters certain attributes of psychological literacy. Practical implications and further research endeavors are discussed.