But back to back home games against Birmingham and Bolton present McCarthy's side with a chance to get back on track.
McCarthy said: "It is a really important game for us. We need to get some wins, not particularly good performances.
"It does generally go hand in hand that if you are playing well you will get good results. But we need points, not performances.
"We have not been trying to play style over substance that's for sure. We want to win games and we haven't managed to do it for whatever reason."
Wolves head into the game on the back of conceding eight goals in consecutive defeats to Arsenal and Chelsea.
But McCarthy does not think that will have any effect against Birmingham.
He added: "It is not easy being slapped but it has not been hard to pick them up for this game.
"The players have been excellent but have the points reflected the performance? No they haven't for whatever reason.
"It is not bad luck. It is either a bad pass, bad finishing or bad defending. In between there has been some really good stuff.
"But it is putting the ball in the net and keeping it out at the other end that is going to win us points.
"We have just been beaten by two of the premier teams in the Premier League but they have exposed everyone, not just us.
"They exposed us for what we are, a hard working, grafting, honest team. But we are not going to compete against them.
"Let's take those two games out of the way, there was always a chance that would happen.
"Let's remember how we played against Everton away, Aston Villa at home, Stoke City away in the second half. Those are the kind of performances that we need."
Wolves are five points adrift of Birmingham and McCarthy has been impressed with the way Alex McLeish has got City playing.
"Over recent weeks Birmingham have done very well," said McCarthy. "Alex is an accomplished manager. He is an experienced manager, he gets on with things and doesn't let things bother him.
"I know him well and he has got Birmingham playing well."
Wolves will be without Ronald Zubar on Sunday after the former Marseille defender, who had been struggling with a thigh strain which ruled him out at Chelsea last weekend, picked up an ankle injury.
He was injured in training on Thursday and McCarthy said: "Nothing is broken but he has suffered ligament damage."
Wolves 11/8, Birmingham 2/1, Draw 9/4