Nicholson dramatically kept the club in the Vanarama National League last season and will desperately want a more comfortable finish this time around.
An opening day draw against much-fancied Tranmere Rovers was followed up by a narrow, but exciting, defeat at Aldershot Town - watch match highlights here.
The Shots took an early lead through Shamir Fenelon but Torquay quickly equalised in the ninth minute through Luke Young's penalty.
Bobby-Joe Taylor netted his first goal for Aldershot shortly after half-time and then Shaun Okojie appeared to have wrapped things up five minutes from the end.
But Nicholson's side showed its usual trademark of never giving up and Jon-Paul Pittman pulled one back in the 90th minute.
"I’m very proud of my players," Nicholson told the club's website. "We had our game plan in the first half but we didn’t quite get it right. We allowed them too much space, too much time and to get out too easy.
"While we were in the game, I thought we had every chance of executing the game plan that we had. We actually started the second-half really well for the first three or four minutes but we probably got a little too carried away. We gathered ourselves and we got back in it.
"I am proud of the character of my players to pick themselves back up and score another goal to put that kind of pressure on Aldershot that they did at the end. There is a lot of good stuff."