A balanced pressure regulator includes a valve body having a fluid inlet and a fluid outlet connected by a fluid passageway. A valve seat is disposed within the fluid passageway. A self-aligning valve plug is at least partially disposed within the fluid passageway, the self-aligning valve plug interacting with the valve seat to selectively open or close the fluid passageway. A retainer is partially disposed within a bore of the self-aligning valve plug and operatively connects the self-aligning valve plug to a valve stem having a ball portion. More specifically, the retainer includes a recess adapted to receive the ball portion of the valve stem, such that the self-aligning valve plug automatically rotates around the ball portion of the valve stem to achieve alignment and sealing engagement between a valve disc of the self-aligning valve plug and the valve seat.