A 2-1 win over Ipswich Town on Tuesday night saw the Hornets go third in the table with 21 points from their opening 12 games.
It is particularly surprising considering financial constraints - which almost saw the side go into administration last season - meant Mackay has not been given funds to sign players.
Against that backdrop, Mackay is not yet ready to set his sights much higher than avoiding relegation.
He will no doubt be pleased that his side are already almost halfway towards his points target for the season.
"Everyone looks to target 52 points and see where you can get beyond that so we are not looking too far ahead," he said.
"Teams can have injuries and suspensions, there are so many variables and it is a really tough league.
"Most seasons you can get in the play-offs or get relegated with two weeks to go in this division and I wouldn't write off either happening again this year."