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Does he have 5? can't see anything in FAQ but:

Smite
pick 1
pick 1
pick 1
WL trait +1 so pick 1

?

Yes if you make him your warlord he has 4 from any of the three disciplines TSons can use plus smite.

This is correct, though I would recommend making something else Warlord. Two reasons being 1 that other traits are better (especially the one to get a 3++) and 2 because Magnus will be usually killed very quickly, so you might be be better off picking something that gets character protection. Ahriman or a Daemon Prince are both great choices.