Update: I have changed this post based on Graham’s recent comments regarding Trace Magic since the trace settings that I recommended were not actually compatible with Trace Magic. Please see the following link for information regarding Trace Magic:
However, when manually reading a trace file (e.g. in Sublime Text, Notepad++, etc.) I would recommend the following trace settings:
-TRACE 135 -TOOLSTRACESQL 31 -TOOLSTRACEPC 4044
I still find these settings useful for non-performance related debugging issues.