The poem’s Scots title may be translated into standard English as “old long since” or, less literally, “long long ago”, “days gone by”, or “old times”. Consequently, “For auld lang syne”, as it appears in the first line of the chorus, might be loosely translated as “for the sake of old times”.
The phrase “Auld Lang Syne” is also used in similar poems by Robert Ayton (1570–1638), Allan Ramsay (1686–1757), and James Watson (1711), as well as older folk songs predating Burns. Matthew Fitt uses the phrase “in the days of auld lang syne” as the equivalent of “once upon a time” in his retelling of fairy tales in the Scots language.
“Auld Lang Syne” is traditionally sung at the conclusion of New Year gatherings in Scotland and around the world, especially in English-speaking countries.
At Hogmanay in Scotland, it is common practice that everyone joins hands with the person next to them to form a great circle around the dance floor. At the beginning of the last verse, everyone crosses their arms across their breast, so that the right-hand reaches out to the neighbor on the left and vice versa. When the tune ends, everyone rushes to the middle, while still holding hands. When the circle is re-established, everyone turns under the arms to end up facing outwards with hands still joined.
In countries other than Scotland the hands are often crossed from the beginning of the song at variance with Scottish custom. The Scottish practice was demonstrated by Queen Elizabeth II at the Millennium Dome celebrations for the year 2000. Some press outlets berated her for not “properly” crossing her arms, unaware that she was correctly following the Scottish tradition.
According to en.wikipedia