What if i asked without any external device.. just like we can do it in Kdenlive

X-Mouse Button Control

This is what i use to customize my mouse buttons and wheel to do anything.

Is this possible that I scroll mouse wheel and cursor on timeline moves ahead and back as per scrolling wheel..

Hold CTRL+Shift while scrolling mousewheel.

Is this possible that I scroll mouse wheel and cursor on timeline moves ahead and back as per scrolling wheel..

Hold CTRL+Shift while scrolling mousewheel.

Yes, it works but it move cursor on frame by frame only.. which is very slow.

The fast forward and reverse features in Vegas are controlled by function keys F17 and up. If you look at your keyboard you will notice you don't have a F13 key. I dont' know if you can access these keys thru normal keyboard operation. The Contour shuttle triggers these keys as it moves thru its range, and since it is a limited range it can be programmed to go up and down. The mouse wheel is infinite, meaning it has no beginning or end, so the function keys cannot be programmed with that. The CTRL-Shift is probably your only option.

Is this possible that I scroll mouse wheel and cursor on timeline moves ahead and back as per scrolling wheel..

Hold CTRL+Shift while scrolling mousewheel.

Yes, it works but it move cursor on frame by frame only.. which is very slow.

Turn the mouse wheel faster or use the more common keyboard keys J,K and L to scroll fast forward or backward through timeline. Or use a Shuttle Pro like @Grazie already proposed.