Here are some ways to correct the sentence:
* "My heart is palpitating." (This is the most common and natural way to express this feeling)
* "I am palpitating with fear." (This adds more context to why the speaker is palpitating)
* "Palpitating, I took a deep breath and tried to calm down." (This uses the present participle as a modifier, describing the speaker's action)
The best way to correct the sentence depends on the intended meaning and the context.