What does TRACE do?

[trope]

Could someone give me a high level explanation of what tracing does in Olly?

Thanks. I am very new at this, and appreciate any help offered.

Trope

[1bitshort]

Have you looked in the help file?

[trope]

Yes, I looked. I found this:

"Run trace is the way to backtrace program execution that precedes some event. You can also use run trace for simple profiling. Basically, OllyDbg executes debugged program step-by-step, like in animation, but it doesn't redraw windows and - most important - logs addresses, contents of registers, messages and known operands to the run trace buffer. "

Am I correct in assuming that I can step backwards through my program by tracing -possibly checking register values, or a particular value in memory?