In general, when you're looking at players, try to find players who can play multiple positions. As you ideally want to end up in a situation where you can:

1/ Play almost any formation with a mixture of 23x players
2/ After having played any formation, be able to swap out 7 to 11 players for your next game, so that your players will have an opportunity to rest.
3/ After swapping out your 7 to 11 players, still have the ability to play almost any formation.

Although this isn't something you have to worry about too much at lvl 1, as you're not in the Champions league, so don't have as many games to play each day. By the time you get to level 2, you want to have a good player rotation setup though.

This will allow you to adjust your formation before each game, as ideally you shouldn't have a "set" formation, you should look at what formation your opponent is going to run and then choose your formation accordingly. At lvl 1 and 2 most opposition players don't modify their formations a lot, so it's easy to just setup a perfect formation which will destroy them (At higher levels, they might modify their formation though if they see you've changed your formation).

Personally for me, I think if you're not going to change your formation each game, your formation is ok. Except as mentioned above, probably ditch most of the arrows. For myself I use blue arrows on defenders who are directly marking one of my opposition's strikers (e.g. if they have 2x strikers, I have 2x blue arrows and the guy in between doesn't have an arrow). And I use red arrows when I have an AMC/AMR/AML who doesn't have a DMC/DMR/DML on top of him, but is next to an MC/MR/ML (I figure it'll put a bit of distance between him and the MC).