A tracing controller may utilize a binary execution trace mechanism to trace execution of compiled application machine code. The tracing controller may initiate hardware tracing to gather control-flow hardware traces of a method executing on a processor configured to generate hardware tracing information. The controller may generate a profile based on the hardware tracing information and initiate re-compiling or re-optimizing of the method in response to determining that the new profile differs from the previous profile. The controller may repeatedly profile and re-optimize a method until profiles for the method stabilize. Profiling and hardware tracing of an application may be selectively enabled or disabled allowing the controller to respond to later phase changes in application execution by re-optimizing, thereby potentially improving overall application performance.