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What makes the most sense to me is that you have worn out brake pads, that's what the orange with dashes light means. I don't recall this being used in combination with the red light and the beeping noise though, but could be. The rain part makes sense for it to be a pad sensor. Make sure the brake fluid isn't low as well, but this wouldn't explain the orange symbol, just the red Brake! light and I believe the beeping noise.
The brake controller I am thinking depends more on what type of brakes the trailer actually has. I understand what you are saying about the weight of the trailer, but really you have to know for sure what the type of brakes are before doing anything. I've seen some pretty big trailers with surge brakes.
Gilly
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