[1] Paraschos began his career from the youth academy of PAOK in 1967.
He became a professional player in 1971 and played with the Kastoria team until 1985, making appearances for the club in the Alpha Ethniki.
He most prominently captained Kastoria to a shock win over the flamboyant and heavily favoured side Iraklis Thessaloniki in the 1980 Greek Cup final.
After that he coached teams such as: Trikala, Anagenissi Karditsa, Kavala, Iraklis, APOEL, Aris, PAS Giannina, Paniliakos, Niki Volos, Akratitos, PAOK,[4] Skoda Xanthi and Chalkidona (which later merged into Atromitos).
On 31 January 2011 he replaced Marinos Ouzounidis as manager of Iraklis.