The reason why Thrace is fairly powerful is because they have good lower-level units. The falxmen are excellent, even against cavalry, and function as great flanking units. They also guard the phalanx pikemen flanks very well. Their cavalry is horrible, so I recommend just using it as expendable flankers or for chasing down fleeing generals. The reason why these units are great?
Well, most of the time that I play as other greek-based factions (I'm pretty good at the game now and know what unit selections are best), I don't bother going above tier three units (unless they are units that don't see any action, such as onagers). The reason for this is that the super-high-level units are impossible to retrain and take a long time before you can even train them. As Macedon, for example, you have the Royal Pikemen and Phalanx Pikemen. The Royal Pikemen take twice as long to train and are a few points better than Phalanx Pikemen. Plus, they don't even have a heavy weapon (light for royals). So, what's the point? I ripped through all of rome with Phalanx Pikemen, normal archers, no onagers (not advanced enough yet), and Macedonian Cavalry. These are tier 3 units and I probably beat rome faster than I would have with the royal pikemen because taking them back to my mainland to retrain would take long. Same thing with Macedonian Cavalry. They are almost as good as Companion Cavalry, just easier to retrain and more expendable. Plus, royal pikemen and other tier 4/5 units generally cost 100-200 denarii more per-turn than the almost-the-same tier 3 units.
This is exactly what happens with Thrace. Their "killer" unit, Bastarnae, are good for your kings main army, but other than that, falxmen and the phalanx pikemen will suffice you. Falxmen and Phalanx Pikemen are also the ultimate anti-phalanx since the phalanxes can hold off other phalanxes while the falxmen flank and rout the enemies from behind. They replace cavalry quite well because cavalry are horrible at flanking phalanxes because you will almost always lose some troops even when rear-ending spearmen with horses. And your anti-cavalry units are the phalanxes, so you don't have to worry about horses. Your onagers will take out elephants and no sword/axe infantry that I have seen can hold up against the front of a pike phalanx, anyway.
Your only worry is horse archers, as falxmen are unarmoured and get pelted into oblivion rather quickly. Still, you can take them out with your own archers, or , if they are far away, use onagers. If you don't have them, tire them out with militia cavalry (they are expendable anyway), and when they come back to your lines exausted, get your fresh general or another fresh militia cavalry unit to charge them.
The beauty of Thrace is that they have a good unit combo early and for a small amount of cash. Plus, they are low-tier and can be retrained virtually anywhere.
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