Frustration in Life.....How to overcome?

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I had many hopes from life, some are shattered, although i have to cover a still long journey but sometimes i feel frustration. How to overcome is it unknown to me....all I do is boost up my self confidence to become victorious in the coming years. The reason of my frustration is that i was wishin and tried a lot harder to get chance in a much better engineering coll. but i couldnt make it happen, whereas my friends who were most unprobable won over me. I have to beat them in the coming years, thats my aim and so sometimes I m overpowered by frustration.