Forest won 3-1 at home to Wolves on Saturday afternoon to move up to sixth as their resurgence under Davies continued.
He said: "We can take a lot of confidence from getting into the top six, but I spelt out a message to the players afterwards. It is that you can fall out of the top six as quickly as you got into it, so I am stressing the need to focus on every one of our remaining nine games as they come along.
"The effort and spirit the players have shown has been superb and they picked up another three great points today.
"But we are in a three-and-a-half-year project here so it is still early days. I took over at a time when Forest had won three games out of 14 and after one day's training I said to my staff that we had to get to a 53-point target as quickly as possible.
"The players have applied themselves superbly, but I have stressed that there is still a lot of work to be done."
Wolves boss Dean Saunders said: "It didn't go our way today, but I thought we were in the game for a long time and deserved at least a point.
"I am not going to get down in the dumps because there was a lot of good things about our performance and it is a fact that we got Forest at a very bad time. They have a lot of players who are high on confidence.
"The difference was really that they took their chances and we didn't, because other than the goals Forest didn't have that many opportunities. It was very disappointing to concede so soon after we had fought hard to get an equaliser but credit to Henri Lansbury - his second was a class goal.
"We've got to put the game behind us quickly because we have a massive game coming up against Bristol City next week."
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