To expand on a few key points...
1) Latency would be very high on an old DAW if you were monitoring back via the same channel (running the insert signal back to the source channel on the mixer) or monitoring the stereo out of the DAW with the signals that are being recorded.
2) Remember inserts interrupt the signal and only come back if you return them,
playing with the cable (the direct out trick 1 click) is just bound to mess up a track sooner or later, so that is just out if you want a reliable setup...
plug the cable in to the “first click” of the Insert Jack. This will tap the signal and send it straight out to the recorder, while still allowing it to pass on through to the mixer’s main outputs. The only drawback to this is that if you don’t get the cable plugged in just right (to only the first click), you may end up with either no signal to your recorder or no signal to the main outputs (or both).
A good trick...
So a better alternative than the “first click” or the “all-the-way-in” method is to use a special cable or adapter that both passes the signal for the channel to the send of the Insert Jack but still passes it on through to the mixer’s outputs as normal. To do this, you can use a Stereo Plug to Mono Jack adapter with a normal mono TS to TS cable. Or you could buy a special Insert Direct Out cable adapter.
Read the full story here:
http://silentsky.net/wordpress/archives/113Other approaches, if you still don't like the "turn inserts into direct outs approach", if you have an old DAW with a older mac and limited CPU power, you still have a few options if you want zero latency
A) BEST OPTION: Turn off recoding monitoring in the DAW altogether; Get a mixer with a direct out on each channel, you simply monitor all recording channels live (via the mixer); and send every channel to a corresponding input on you audio interface; make sure your signal is at a good level by checking your input levels for each channel you are recording in the DAW and adjust the trim on each channel. Now if you alter the fader on the mixer for monitoring, the recording level will NOT change, that is why direct outs are made for recording. You can run your stereo mix out of the DAW back to the Mixer into 2 unused inputs (just to hear the previously recorded tracks, the new tracks you are recording, you will hear live, remember in this scenario DAW monitoring is turned OFF) and you will hear everything you recorded and the new tracks all with no latency.
B) POOR MAN'S OPTION: Ok, so your mixer was only $10 at a yard sale and it has no direct outs or inserts on each channel, well that kinda sucks for you, but you can still use the aux sends (or busses if your board has them) to the inputs of your DAW audio interface. This gets a little tricky, and is only good if the number of aux sends (or busses) of your mixer is equal to or greater that the number of tracks you want to record
An example, your mixer has 4 aux sends (and none are currently being used for effects), so you wire every main Aux send out to an input of your audio interface. Now simply, turn up the corresponding aux send knob on the channel you want to record into your DAW, but be carefull, if you have an aux send accidentally turned on on a channel you are monitoring (but don't want to record); you will ruin your track with bleed from channels you are not trying to record.
Example of this method: In your mixer, you have a guitar in channel 1, bass in channel 2, and a stereo keyboard in channel 3 and 4; also your DAW stereo out comes back into channels 5 & 6 (panned left and right). I think it's obvious, but... Channel 1 of the mixer will be panned center and you will turn up only Aux send 1 (Auxes 2,3, and 4 are set to 0) until your DAW input 1 has a good signal, channel 2 of the mixer will also be panned center and you will turn up only Aux send 2 (Auxs 1,3, and 4 are set to 0) until your DAW input 2 has a good signal; Channel 3 of the mixer will be panned left and you will turn up only Aux send 3 (Auxs 1,2, and 4 are set to 0) until your DAW input 3 has a good signal; Channel 4 of the mixer will be panned right and you will turn up only Aux send 4 (Auxs 1,2, and 3 are set to 0) until your DAW input 4 has a good signal; Remember all the panning stuff is only so you can monitor the tracks being recorded comfortably, it has nothing to do with what is being recorded with the auxes. Also, since most aux sends are pre-fader, moving the faders while monitoring will NOT mess up the recording levels