In 1979 Valchev joined Akademik Sofia, where he scored 38 goals for two seasons.

Valchev had a successful start to his career at the club by being the league's top goalscorer in its inaugural season, scoring 24 goals.

In March 1998, Valchev was appointed Levski Sofia manager and led the team to a famous 5–0 win over city rivals CSKA Sofia in the 1998 Bulgarian Cup Final.

As a manager, he has worked also for Kremikovtsi Sofia, Rilski Sportist Samokov, Chernomorets Burgas, Levski Dolna Banya and Belasitsa Petrich.

This biographical article related to association football in Bulgaria, about a forward, is a stub.