How to avoid bottle necks when working with many threads?

I have the following loop:

// myList is an ArrayList (10000 elements)
for(MyObject test : myList) {
    test.calculate();
}

And I thought that it is a good candidate to parallelization since every calculate() operation does not depend on anything else, it only makes some math operations using some variables within the same object.

I know doing the following will have a negative impact on performance since I will be creating 10000 threads which will create a huge queue on my 4 cores processor:

// myList is an ArrayList (10000 elements)
for(MyObject test : myList) {
    Thread thread = new Thread() {
        public void run() {
            test.calculate();
        }  
    };
    thread.start();
}

The question is, what's the recomended way to work with multiple threads on this type of scenarios to avoid queuing?