Did you plug the hole in the wall where the thermostat wires come thru? Cool air from the inside of the wall will come out of that hole and cause improper operation!
Note from the install booklet
((If the hole in the wall is too big, insulate it
using a non-flammable material in order to
avoid air draughts behind the thermostat))
((I only want it to come on 4 times per hour at the most! ))
That is not your call. The thermostat is designed to operate (when installed properly) just as the booklet says.
Read configuration menu 4 and set to the system you have. Electric is supposed to have 6 cycles that last 10 minutes each for a total of one hour.
Set it at 6.
Below is a copy of your manual for this thermostat.
http://customer.honeywell.com/techlit/pdf/69-0000s/69-1800.pdf
Now do not forget to plug around the wires and look at the area where you installed the thermostat to start with. The area should be free of drafts etc.
Honeywell makes a fine thermostat if you follow the direction exactly.