This wait type is for SQL Server traces (Profiler, default trace, etc.) that someone may be running. You can disable the default trace if it is not needed but I generally do not see any issue with this trace running.

You may have someone else running a trace that is causing a high amount of overhead. You can view what traces are running on your instance by executing:

SELECT *

FROM sys.traces

As well if you find any other than the default trace I use this query to find out what events the trace(s) are capturing:

-- Gets all Events for a given trace id

SELECT a.[EventID], b.[name] AS [Even Name], a.[ColumnID]

,c.[name] AS [Column Name], d.[name] AS [Category]

FROM fn_trace_geteventinfo(1) AS a

INNER JOIN sys.trace_events AS b ON a.EventID = b.Trace_Event_ID

INNER JOIN sys.trace_columns AS c ON a.ColumnID = c.Trace_Column_ID

INNER JOIN sys.trace_categories AS d ON b.Category_ID = d.Category_ID

ORDER BY a.[EventID], a.[ColumnID]

-- This will return any filter conditions

SELECT a.[ColumnID], c.[name], a.[value], c.*

FROM fn_trace_getfilterinfo( 2 ) AS a

INNER JOIN sys.trace_columns AS c ON a.ColumnID = c.Trace_Column_ID

ORDER BY a.[ColumnID]

If you find any running that are capturing high overhead events [e.g. show plan] you can simply stop them with sp_trace_setstatus.