I got better at parrying after playing the story mode on realistic. i noticed that hitting the heavy just before the enemy makes contact is the sweet spot. playing without the hud makes you even better with it. When i am "in the zone" i can parry people i am not locked onto in 2 v 1 to get even faster revenge gain with this timing. I hope that helps.
EDIT: with the faster characters like Oro,Valk,PK, and such. don't try to parry everything they throw at you. block them instead and be ready for that guard break.once you have them in a stamina crunch you can then get your work in.
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