In recent times, a novel category of nonlinear physical models known as dual-mode nonlinear equations has emerged. These equations include various real-valued dual-mode equations linked to widely-known single-mode equations like KdV, mKdV, Schrödinger and Burger's. Extensive research has been conducted to establish and investigate these equations. This study presents a novel dual-mode derivative nonlinear Schrödinger equation that incorporates new parameters for dissipative effects, nonlinearity, and interaction phase velocity. Various methods such as the tanh-coth scheme, extended exponential method, Kudryashov-scheme, and the sine-cosine function methods are employed to investigate the solutions of the model. The obtained solutions are illustrated through graphical 2D and 3D and to demonstrate their dynamics and shapes. Furthermore, the interaction of the dual-waves is correlated with changes in the phase-velocity parameter. This model describes propagation of two simultaneously directional waves instead of as in standard Schrödinger equation. For the propagation of solitons in nonlinear optics, the solutions found in this study have important significance. All the resulting solutions can help to comprehend the underlying mechanisms for numerous nonlinear phenomena in diverse domains, including nonlinear optics, plasma physics, Bose-Einstein condensates and others.