I stay pretty calm during the course of play, but there's no harm in wearing your emotions on your sleeve following a great shot. For the cool way to celebrate, try the "biceps-curl" fist pump. Keep your elbow close to your side, clench your fist, and pump slightly–just enough to savor the moment, but without showing up your opponent. Your fist should remain below your shoulder unless you win a major, otherwise, you'll lose friends fast. Some other celebratory guidelines:
1. Don't celebrate bogeys. That's complete bush league.
2. You can get pumped about pars, but do it internally. We tip caps on pars, but mostly to acknowledge the applause. If your playing partners offer praise, a simple "thanks" is respectful.
3. Celebrate away from your opponent.
If you do it straight to his face, you may have an adversary for life.
4. Once you celebrate -- five to 10 seconds, max --stop! Let it go and move to the next shot. Good emotions can cloud your focus as easily as bad ones.