As a continuation of this question I would like to ask about possible orders of trace $k$ elements in $SL_2(q)$. Here are examples which I know.
When trace is zero then we have $x^2=-1$ so it means that order of $x$ is $2$ in characteristic $2$ and it is $4$ in odd characteristic.
When trace is $-1$ then we have $x^2=-x+1$, so $x^3=-x^2+x=-x+1+x=1$. It means that order of $x$ is $3$.
When trace is $t$ which is order $q-1$ element in case $q=2^n$. Then order of $x$ is sometimes $q+1$ and $x$ generate $\mathbb F_{q^2}$ subalgebra. This is just guess, I have only checked this for $q=2,4,8,16$. Here is small test in GAP showing order of trace $t$ elements for $q=2^n$ for $n=1..10$, where $t$ is generator of the field multiplicative group:
gap> List([1..10],k->Order([[Z(2^k),1],[1,0]]*Z(2^k)^0));
[ 3, 5, 9, 17, 31, 65, 43, 51, 511, 25 ]
Let's call element imaginary when it is of trace $0$ in $SL_2(q)$. From above we know that order of such element is either $2$ or $4$. The next question we can ask is what order can have product of two imaginary elements. According to tests in GAP in characteristic two we obtain orders $q-1$, $q+1$ and divisors which are all orders in the group (tested only for few small q). In case of odd characteristic I do not have theory ready yet. Anyway set $\{x^2=-1\}$ seems to be interesting.