No, it is wired right, just the leads are reversed. If running a LED there should be some current limiting resistor there, relying on battery and other wiring to give current limiting is very bad. LED's are a current driven device, they essentially are going to need a defined current through them, as the forward voltage is variable, rather than giving a constant voltage. Also, the 4W led does need a heatsink on it for any current above 20mA, otherwise it will overheat and fail in short order.