Even a good Multi-Purp compost, like B&Q's own will be OK - other people really rate JAB, Arthur Bower's, Westlands, and they can all be bought for not much money.

As far as watering is concerned, you need to follow a 'wet/dry cycle' routine - feel the 'heft' of your pots when they're dry and remember that feeling, then water until you get run-off, and leave the pots to soak (in a saucer or tray, whatever) in the run-off for about 20 minutes - pour any remaining run-off away. If they have soaked up the run-off water, water again until run-off, and leave them to soak it up again until they are saturated, and can hold no more. Then feel the 'heft' of the pots when they're saturated - now you will know, by feel, when your plants need watering.