I've tried printer paper, as well as tracing paper, and I find that tracing paper works best for me. I print the pattern on printer paper (so that I'll have a hardcopy for in the future) and lay the tracing paper over it. There is less paper waste that way.
It is also MUCH cheaper when you calculate all the paper you save in the long run.
I bought an 18-inch wide, 50 yard (150 foot) long roll of white tracing paper on Amazon for $17.50 with free shipping on Amazon Prime.