It is not possible to have a norm on $M_n(\mathbb C)$ that respects similitary for $n > 1$ since, for example, if $A \sim 2A$ and $A \neq 0_n$ then $N(A) = 2N(A)$ contradicts the separating property. For example, $A$ s.t. $A_{1,2} = 1$ and with $0$ elsewhere.
So the question is: Is there a semi-norm (i.e. without the separating property) on $M_n(\mathbb C)$ that respects matrix similitary?
The absolute value of the trace is a seminorm that respects similarity.