Flashing Green OR Red while beeping = indicates speed control is looking for full throttle (green) or full throttle (red). If it continues for more than ~ 8 seconds, indicates speed control is seeing partial throttle (green) or reverse (red), increase endpoints on transmitter so speed control sees full throttle/reverse.

Not sure you have it calibrated correctly.....


LED codes are located here , they can be confusing -

http://www.rc-monster.com/forum/showthread.php?t=20020