It is well known that there is a method proposed by Bolotin for analytical method of parametrically excited unstable vibrations and unstable regions of simple resonances are only evaluated by above method. In this paper, an analytical method of investigation of the unstable regions of beams under traveling follower load system which are multi-degree-of-freedom parametric dynamic system is presented by using the characteristic exponents, and simple and combination resonances of beams under traveling vertical and horizontal transverse follower load systems are estimated.