I used a 4-1-2-1-2 formation when I managed Liverpool.
I had -
GK - Reina ( Obvs )
DR - Johnson ( I used him as a wing-back due to the lack of width )
DL - Aurelio ( Same as above , would recommend replacing him )
DC - Carragher ( Limited Defender , just slide and hoof like IRL )
DC - Agger ( Ball Playing Defender , looks to bring the ball out of defence and spray passes about )
DMC - Lucas ( Defensive Midfielder , pretty simple job for him , protect the back four and dont stray too far )
MC - Meireles ( Box to Box , utilising his stamina stat , chips in with a few too )
MC - Poulsen ( Ball Winning Midfielder , in there to mop things up , recommend a replacement )
AMC - Gerrard ( Advanced Playmaker , look to give him the ball when going forward )
FC - Carroll ( Target Man , give the ball to his head to flick on for his strike partner )
ST - Suarez ( Poacher , set his Creative Freedom and Mentality to Much and Attacking so he roams around looking for knock downs)
* If you rate Joe Cole on the game you can use him as AMC and switch Gerrard with Meireles
* You want to keep hold of Danny Wilson and give him plenty of playing time , with the right training he can become World Class