“If Traktor is launched, you can choose User Map or MIDI Mode to launch when pressing Shift+Browse. The default User Map is an alternate set of Track Deck controls that are laid out on the included Track Deck overlay. This set of controls roughly mimics the functionality of a Kontrol X1, giving you access to all eight hot-cues on two Track Decks, Loop and Move mode, FX units, and sync/master/keylock controls.”
The default setting for the F1’s MIDI mode is good for what it does and all but if you want to use it for anything else then you have to midi map it yourself. hot cues can be particularly annoying to map but luckily here is a great mapping just for that DJ TechTools - Papermaster's Cue Point Mapping (shameless plug)
i also highly Tekken’s F1 Ultimate FX Mapping for some awesome insta grat effects and then some