Low Latency Monitoring
Pro Tools | First can use the Low Latency Monitoring option to record with an extremely small amount of monitoring latency.
Only tracks with inputs set to a physical output (not an internal mix bus) use Low Latency Monitoring.

If your Core Audio or ASIO hardware does not have a built-in mixer, Low Latency Monitoring does not function. If you do enable Low Latency Monitoring with such hardware, monitoring will not available for record-enabled tracks.
To use Low Latency Monitoring:
1. Assign each track output to either Output 1 or Output 2 (mono), or both (stereo). Only tracks assigned to these outputs use Low Latency Monitoring.
2. Record enable audio tracks by clicking their Record Enable buttons.
3. Select Options > Low Latency Monitoring.
When Low Latency Monitoring is enabled, any plug-ins and sends assigned to record-enabled tracks (routed to Outputs 1–2) are automatically bypassed, and must remain bypassed. Also, these tracks do not register on meters for Master Faders.