My trailer has seemed to get worse and worse on stopping. I know this is a dumb question, but do you have to adjust the brakes? My fluid is not low, but it clunks more than it used to, so im assuming the brakes arent making contact with the drums/rotor?

Where should i start?

If there drum breaks,,,should have an adjustment wheel behind the drums on the back side of the wheel under the trailer. Haven't messed with them in a while. They make a tool for this. You pull a lil' rubber plug out and the star wheel ought to be right behind it.

It should only let you spin the whell one way. This keeps the brake shoes from backing off the drum when stopping. If not you might need to pull the drums and make sure you have no fluid leaking from the piston area of the back plate.
Not sure if you have drum with shoes or disc brakes, but most trailers have drum break.

Hope this helps...

Shawn

Do you have hard line from the coupler to the axles or do you have the flexible line the whole way? After a while the flex line will allow the lines to swell under pressure and cause additional travel in the coupler.

also (in addition to

1st isolate the problem...
is the noise coming from the front of the trailer
-coupler
-hitch set up
is the noise coming from the axles
-u-bolts
-wheels loose?
is the noise coming from the brake drum/shoes or disc/pads

sorry carry-on

Most likely it's time for new brakes, or you could try to bleed the brakes and see if that works

My boat trailer was "clunking" a lot starting and stopping and it is the reciever hitch itself. Don't know what kind of setup you have 5th wheel or receiver but check it out.

The answer to your question is YES

Drum type trailer breaks have to be adjusted.
because the fluid level is not low means their are no leaks.
pull the rubber plug on the back side of the wheel and adjust the star wheel.
One of them goes up the other goes down.

I agree, isolate the noise first, for all you know your hitch could be loose, your pin for your reciever could be worn out. Your ball could be loose, there are just too many variables to start with. If you aren't low on fluid than either your system is perfect and not leaking or your brakes are out of adjustment and not working what so ever (if your pads aren't wearing at all than your reservoir would still be full). More investigation needed. Start by checking all the simple stuff you can easily access first. (hitch, pin, ball, receiver, etc.)

I have a solid shank receiver but the normal tube types can bend and become sloppy in the hitch.

Brakes not functioning properly and defective shock absorber or in some cases absorbers in the hydraulic surge unit can cause a severe sounding clunk. Check both the brakes and the shock absorbers.