A processing device with tracing functionality for a virtual machine is described. The processing device includes a tracing register to store a value indicative of whether tracing is enabled or disabled, a tracing module to generate trace data while tracing is enabled, and an internal buffer to store the trace data. When tracing is disabled, the processing device removes the trace data from the buffer. Mechanisms are described to ensure that the trace data is not corrupted during this process, despite the presence of page faults that may result from trace output writes.