Track Markers for Editing

Is it possible to add a marker to a track as it’s being recorded so, that it’s obvious where mistakes are made? I have heard that Adobe Audition does it by pressing M while recording.

“Ctrl + M” places the marker (“label”)
The label is left open so that you can type text into the label if you wish (optional).
“Enter” to close the label.

More information about Label tracks here: