Don't use the Wireless Network wizard - that is simply for connecting to a secured network. Pretty pointless, given that attempting to connect via the list of wireless networks will result in a prompt for the encryption key. The other relevant info (SSID, mode and channel) are detected and stored automatically. So, to be honest; no, you're not taking the right approach.
You certainly do need security though: click here I haven't got a guide for Netgear setup yet - long overdue and high on the to-do list!