Firstly PeopleSoft gives you the option to set trace flags from the sign on screen:
It is particularly useful for tracing sign on (e.g. SSO), however it is too cumbersome to trace a particular component or page. If you need to do that, I recommend logging in normally and then using the tracing options available from:
Once you click the signon trace link, you're given a myriad of tracing options:
Its up to you to decide what you need, but remember, with tracing, less is often more, don't get carried away. After all, you're looking for a needle in a haystack, no need to make that haystack bigger than it needs to be!
Regular signon URL is something like this:
With tracing, the signon URL includes the trace directive:
So, regardless of whether you can see the hyperlink, you can still turn on signon tracing using the trace directive.