McCarthy's side's poor form has been matched by that of second-placed Birmingham and Reading in third, with all three losing at the weekend.
However, Wolves remain top - three points clear of Birmingham and five above Reading, who have two games in hand - and McCarthy acknowledges his side have enjoyed a touch of fortune.
"Everyone else must be as hopeless as us and I imagine their managers will be feeling exactly the same as me," he told his club's website.
"We're still in there and we're still top of the league but we can't carry on like this and rely on other results, we need a performance and we need a win.
"At some stage, somebody has to grab the initiative and take it on and go and win it.
"We've still got the opportunity - as have Reading and Birmingham - and the teams behind us are catching as well."
He added: "I do know that it's easier chasing because I've been in that position and in a way there's nothing to lose.
"Sometimes when it's in the palm of your hand and it's there to lose it makes it harder.
"I am surprised that we are still top and that no one has gone above us as yet.
"Current form doesn't suggest it but I still think we can put a run together, we've already done it twice this season."
Ahead of Tuesday night's trip to Crystal Palace, McCarthy said: "Palace is no easy place to play but we've got to go there and do it.
"Forget about any pressure, where's the pressure? Let's just go and play.
"There haven't been any demands on the players to do anything differently, let's just go and play.
"It might be good to have another game so soon, let's get them played.
"Tuesday-Saturday-Tuesday-Saturday - whatever comes now we've just got to be ready for them and play better than we did on Saturday."