You are using an external BEC. Assuming it is connected right (sounds like it is), did you disable the MM's BEC?
I assume you are following these instructions (particularly the bold):
- Solder a high quality battery connector to the ESC.
- Mount the ESC and motor into the car.
- Plug in the 3 motor wires to the 3 motor wires on the ESC.
- Plug in the ESC Rx lead to CH2 on your receiver.
- Make sure the ESC’s switch is off.
- Plug in a battery.
- Holding full throttle on your transmitter, turn the switch ON.
- After a few seconds you’ll hear multiple tones and the red LED will come on.
- Now hold full brake and after a few seconds you’ll hear multiple tones and the yellow LED will come on.
- Now relax to neutral and after a few seconds you’ll hear multiple tones and ALL the LEDs will light up.
- A few seconds later the ESC will arm with a double tone and you’re ready to go!