Yes, You practically ignore the LED Colors (except initially start of the charge should be a Red Color usually), they are not made to be accurate (same as cell phone chargers) they are just generic indicators, usually the better chargers if they are working correctly will charge the battery, stay green in color and just trickle charge the battery, if the battery is good.
You should always watch the battery / charger for the 1st minute or so to see how long it will change to green, some are in a minute, some in minutes, some longer, they are all different and will also depend on the battery and manufacturers design. After that you should have a general idea of whats happening, so in the future if it changes their may be an issue to look into (most likely you will need a new battery, this batteries are all generic & not made too last long).
How to Charge?
Charge Your Batteries By The Time Stated In The Instruction Manual for The Device, That is The Proper Way.
But if you happen to get one of the chargers with more then 2 color LEDS, or if its flashing a specific or unspecific way then go by what the manual does say.
If the Manual does not state what it means, then you should have to contact the manufacturer & exactly describe the LED Modes that are occurring with what battery.
Bottom Line for charging all devices, go by the time that the instructions state.
Hope that helps