I've tried setting all passing to short and freedom to little (only my playmakers have mixed passing and higher creative freedom), but sometimes the possession still easily broken. The weirdest thing that always happen is whenever most of my players receive a ball and get closed down, they spin around in place and then either tackled or give the ball away. Is it because my players are not skillful enough? Most of the time, I lost possession by giving the ball away (like kicking the ball to opponent to buy throw in) or get tackled and counter attacked. I also tried setting the Time Wasting to rarely to avoid my players holding the ball too long, but in the end they give the ball away again. I have also did what you said, I changed the midfielders to Advanced, Deep-Lying, and Defensive Midfielders all on Support role. I've also changed the Run from Deep for all midfielders and wingers to rarely. The main difference I've felt with my previous 4-4-2 tactic is there's hardly any through balls from the midfield. Most goals were created both from long balls and wingers movement. It's just doesn't work when playing against opponent playing offside trap as I will get caught in offside trap many times.
My players mostly have decent Passing and Technique (above 12) unless for the defenders, so I've set their passing to very short. But still, my midfielders are not capable of holding the ball or passing properly. Now I'm thinking to revert back to the 4-4-2 formation, but I've spent a lot of money on players for 4-5-1. I got no proper winger because my wingers mostly have Cuts Inside PPM. Plus, I don't have enough strikers to play 4-4-2 because I only have 3 strikers in my team.
I would like to get new players in, but for now it's not possible now because my team's reputation is too low. I have the money to spend (I even have 2m+ profit every month) but in the end, the players are not interested to join. I've requested the board to upgrade the facilities to increase the reputation and it's on progress now, so what I need is the proper tactic just to prevent losing games and stay in Premier League.