Davies said following the Villa Park debacle, "It was a pretty embarrassing performance from us and unacceptable."
"We have to try and put it behind us and work extra hard in the next couple of weeks.
"If we're not too careful, we could end up in a relegation battle.
"We're leaking goals for fun at the minute (24 in the league so far). It's not just the defence, it's throughout the side - starting with me."
Next up for Bolton, following the upcoming international break, is a derby date with Lancashire rivals Blackburn.
"Blackburn at home is a massive game for us," he added. "We've got to roll our sleeves up and get ready for a big derby."