alternatively I like to import a graphic to track just into an image layer. I find I can have a bit more control over it. You can turn it's visibility on and off very quickly and move it around as you would any layer.
To see what I am doing when tracking I like to make sure I can see the underlying image by making any fill colours of the trace semi transparent. I do this simply by making colour styles so they can be changed very quickly later to be opaque ( or what ever you like).
Since image layer transparency is not visible in preview I like to put a vector layer over the image with a white box set to be slightly transparent so the image shows through.
Usually I have a solid white box on a layer over the image and set the layer to 70% opacity in the layer settings. This is much easier to change the opacity if I need to see a stronger image as I am working.
Make sure that "Transparency" is checked in the display settings.
I never use the tracing image option any more. It only has one opacity setting and as already mentioned you can't move it around or scale it or anything like that.