LabView ships with an example which reads text from a file and parses and interprets that text. As seen in that example, you don't need to read the string directly to an indicator on your front panel. The string can exist only on your diagram and can be manipulated there. If you don't want the user to see the string, you probably don't need a front panel indicator. Don't create an indicator just to make it invisible.
To find the LabView examples, from any LabView window, goto Help >> Find examples >> Search, then enter FILE in the box labeled Type a keyword to find. Select File I/O and look at Read From Text File.vi. You need to first run Write to Text File.vi to create the file you'll read.