Troubleshoot New Thermostat

[Tanj]

I had an old dial thermostat that needed to be replaced. Bought a Honeywell T8775A 1009 (digital version of the old thermostat). The digital screen goes blank often. When I turn the dial or push the light button most times nothing happens. It will eventually come back on by itself. I only control the actual temperature in my apartment. Whether heat comes up or not is determined by preset outside temperatures determined by the management company of my building. My questions are: Did I purchase the proper thermostat? (I have hydronic...hot water baseboard heating). Did I wire the thermostat correctly? (I used the only two wires I had and put red to red and white to white). and lastly, Are my Dip switches set properly? (1 Off, 2 On and 3 Off). I was told by my plumber I had to purchase a 24V thermostat only.