I want to try etching on paper but I’m a bit nervous in case I set fire to the paper, has anyone any idea what power/speed I should use with a 5 watt machine please.
You need to find the settings that fit your personal laser machine yourself.
Not because we don’t want to help you, but because all machines are different and there are many types of paper.
I engrave with my 60W CO2 laser nicely on paper, pattern, lines and pictures, without setting fire to the machine 
But I also experiment with all materials and store the collected data in my material library.
Start with very low power and reasonably high speed, then set speed up or down until you can see the effect. Or find a speed that you like and adjust the power in fine steps. Make sure your air blower does not blow the paper away, screw down the fan - if possible.
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Just this weekend I caught fire on a sheet of cardboard that I used to make a model. Due to the high risk of fire, I was monitoring it and it did not even spread. But yes, you should do a material test with your machine, but even when you find the settings suitable for what you want, don’t leave the machine while working.
This was worth repeating.
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Thank you everyone for the information. I will experiment