Allardyce said, "I must try and keep my nerve more than ever before."
"I am trying to get the highest quality I can but the type of player I have brought in before, those who have made such a big impact here, are just not around - and if they are we are looking at paying about £4million.
"That is taking me into an area where I just cannot go because you end up competing with clubs who have both a higher standing in the game and greater financial status than we do."
Allardyce cites the examples of Fabrice Fernandes and Martin Djetou as obvious reasons why he must not be panicked into signing players for the sake of it.
"I mean no disrespect to either player but they were brought in on the cheap and they had no impact on our club whatsoever," said Allardyce. "They played probably half a dozen games between them and that is all.
"This is our sixth season in the Premiership and I am trying to avoid signing average or mediocre players. Once we get into the last few days before the deadline, I might have to consider it but at the moment, the main thing for me is not to panic."
Meanwhile, Jared Borgetti is expected to leave the club within the next 24 hours.
"I'm looking for Jared to complete a deal at some stage in the next 24 hours," Allardyce told the club's official website.
"Al Ittihad are still favourites, but other clubs are now emerging to sign him.
"If Jared finally leaves, it will free up more funds to bring in a player with more quality."