I recently got a midi controller that has some knobs so I can finally stop using my mouse to control the CC1. However, when I try to adjust the modulation using the wheel, the VST shows the mod wheel changing, but I don't hear any sound. But when I play it back, it's there as recorded. Any reason I can't hear this in real time, as I record?
Check to see if your keyboard is transmitting on the same midi channel as the setting for your instrument. The track that you are recording the data to may be set to a specific midi channel so that data received and recorded from a different MIDI channel will, nevertheless, be sent to the player on the channel corresponding to the instrument during playback.