Yes that is the way it is done-Very old method from way back in the day before conibear invented his beaver trap.Long pole for a deepwater stake,and a positive drowner lock on a slide wire.Make sure your bank stake top is flush with the ground so the beaver cant wrap up before going down the wire.
11ga is the wire,you can use 14 but will have to change more often after multiple catches,
Always inspect wire after each catch for kinks and trim when necessary.
I never use green poles-there are lots of standing dead spruce and tamarack here.I leave them on site up under a big white spruce in the off season at more remote locations.I use these poles also when making baited snare poles for taking beaver under ice in winter.
if you use a green pole,do like said and wrap wire low on pole so it is in the bottom in case another beaver chews it off,which they are apt to do if making the set close to the dam,or in the fall when they are collecting feed.
When making this set,push the deepwater stake into the bottom in deep water to find a good solid "set",then pull it up,wrap wire and re set the deepwater pole in the bottom.Pick your spot at the bank and make your trap bed and berm,set the trap,then set your bank stake up on the bank beyond the trap.Pull wire taught,and cut wire,leaving enough for a bunch of wraps so you can trim the deep end if kinked after a couple catches,and still have plenty of useable wire.Driive the bank stake even with ground.
make sure the slide wire is tight and not loose.This insures the beaver goes all the way down and no kinks.When pulling sets,wrap the wire on the pole for next use.
I been using this simple set up since I started trapping over 50 years ago.
Minimal tools and equipment required to make a bunch of these sets.Just the traps,and the regular trappers kit-wire axe and pliers.Today I mostly use them for problem beaver on nuisance jobs.