Let $R$ be an ordered field. Consider the set $R[[x]]:=\{\sum_\limits{n \in \mathbb{Z}}a_nx^n:a_n \in R\}$
Addition: $\sum_\limits{n \in \mathbb{Z}}a_nx^n+\sum_\limits{n \in \mathbb{Z}}b_nx^n:= \sum_\limits{n \in \mathbb{Z}}(a_n+b_n)x^n$
Multiplication: $\sum_\limits{n \in \mathbb{Z}}a_nx^n \times \sum_\limits{n \in \mathbb{Z}}b_nx^n:= \sum_\limits{n \in \mathbb{Z}}(a_nb_n)x^n$
Does these operations on $R[[x]]$ makes it a field?
Have I correctly defined the multiplication?
Is the notation $R[[x]]$, i.e does the notation $R[[x]]$ have some other meaning?
If yes, is there any standard notation for this set?What order relation can be defined on $R[[x]]$ in order to turn it into an ordered field?
My motive is to show that $R[[x]]$ is Cauchy Complete but is not Order Complete(i.e lub property)
Edit: As said by @ the multiplication defined above doesn't even make it an integral domain.
So I am changing the set to $R[[x]]:=\{\sum_\limits{k=-n}a_kx^k: a_k \in R, n \in \mathbb{N} \}$ and multiplication as defined in the answers.
To define an order, it suffices to say which elements are $\geq 0$, since then we can define $a\leq b$ if and only if $(b-a)\geq 0$. (And then one needs to check that this order actually gives us an ordered field.)
One way to define the order is this: a formal Laurent series in $R((x))$, where $R$ is an ordered field, is $\geq 0$ if and only if it is $0$ or $c_n \geq 0$ in $R$, where $n$ is the least power of $x$ with nonzero coefficient $c_n$.
This ordering makes lower powers of $x$ "more significant", so you can think of it as an ordering of $R((x))$ in which $x$ is positive and infinitesimal.