I bought a metal cap gun at a toy store and did a trick to make the smoke show up better on camera.

anyways here is the gun effect test in question on the youtube link bellow. any suggestions on improvements will be greatly appreciated.

http://www.youtube.com/watch?v=lzCl0mynZb0

I've seen a lot of gun fights on the old TV and I have to say none of them looked quite like that.

Are you looking for effects to be done in production (SFX) or in post-production? (VFX) or both?

A few things

1) A gun would have kickback, so the actor needs to simulate that. To get them the proper feeling for it, have them hold the gun, then (lightly-ish) punch the front of the gun with your fist/palm. That's the motion they need to emulate when firing. Nobody could possibly fire a real gun as quickly as he was pulling the trigger. Have him feel the shots.
2) Don't worry about the smoke as much as the muzzle flash - the bright flare that comes out the barrel of the gun when the bullet's fired. Google will give you 10,000 muzzle flashes to get started.
3) Environment effects - it's possible that, being in a fairly dark room, the light from the gun would light up things around it. Try setting up another light on a switch you're able to flip on and off quickly, and practice synchronizing it with the actor's gunshots (since you're going to be adding gunshot sound fx in later, feel free to just say "FIRE, FIRE, FIRE, FIRE" when you want the actor to fire each time).
4) Sound is incredibly important.

As Arasian said...

The important parts are the kick and muzzle flash. If you have both of those elements in place, the shots will sell to the audience. If you want to add smoke, fine, but it's not needed.