What is the best Fidelity 401K plan/fund to invest in for a 26yr old?

I'm currently in the Freedom-2040, and I'm not sure if it's something I should remain in.

I am not a great believer in target funds for a couple of reasons. First you get hit with double expenses. Second they are managed by a computer program. If your 401k allows you to pick among all the Fidelity funds, then it would be my suggestion to break your investments into 5 parts and spread them among 5 Fidelity funds with different investment objectives. You decide on the objectives. Being young you might want to choose a somewhat aggressive approach perhaps, but since it is your retirement money not too aggressive.

The 2040 fund spreads its investments among about 30 different fidelity funds, somewhat of an overkill I believe but playing it safe more or less.

The "Freedom" plans come up with an investment allocation (stocks/bonds/cash) based on the year you're planning to retire in. So for you, 35 years out, it'll be mostly invested in stocks with less bonds and cash. As time goes along, it'll change over to more bonds.

This isn't a bad thing for you to be in if you just want to put money in and forget about it. You probably have some other funds that are available that are stock funds or bond funds... where you can do the allocations yourself. This gives you some finer tuning capability... based on your appetite for risk.

If you are only interested in picking one Fidelity fund for your portfolio, then you've probably chosen the correct one.

You need to learn how to invest properly meaning know how to invest properly will limit your risk of losing money

Yes you could learn invest by yourself. it is your money, you should know how to do with it. for starter check this site out.

http://www.pathtoinvesting.org/index_fla...
http://www.stockcharts.com
http://www.streettalklive.com section university. a lot amount of information. It will serve you well
I accumulate in good amount in 401k at the young age.I could share with you. when consider invest in stock market. you should consider basic 3 things:

fundamental analysis==(economic data,finincial health, management, business model, competetion)>>what to buy

technical analysis==(chart+indicator)>> when to buy

Sentiment/schycho analysis==>>mood of investor, Contrarian point of view.
Market cycle===>> check out book Trader Almanac by jeff hirsch will give you inside stuff
When you combine 3 thing, It is one of the powerful knowledge goinh with you for the rest of your live

At the age of 32. my 401k is amassed 74,000.00 and 30000.00 in taxble account. by follow simple rule

Check out muncebirde's answer. Sound advice, even though i am using a different investing company, divideing your money between different plans is always a wise move, but you have to do your homework.

At 26....I would invest in one of their mid-cap growth funds.

Good Luck