This is the actual code in question, it actually works with the stock market data feed and the "CurrentBar" will only be 0 on the very first tick of the day. The stock will continue to have like 1 million more ticks for the rest of the day and then the same scenario if one is following say 100 different stocks during the day!

Code:
        /// <summary>
        /// Called on each bar update event (incoming tick)
        /// </summary>
        protected override void OnBarUpdate()
        {
			if (CurrentBar == 0)
			{
				// Initiate our Timer object with an interval of 1000ms (1 second)
				myTimer.Tick += new EventHandler(TimerEventProcessor);
				myTimer.Interval = 1000;
				myTimer.Start();
			}
        }