A second minute strike from Jamie Mackie, an Andy Reid goal five minutes after the break and a 65th minute Henri Lansbury header helped extend what is already the Reds best start to a Championship season since 1997.
Bolton's cause was not helped when Darren Pratley was sent off after collecting his second booking in the 53rd minute, but the Forest were already in control, as they cruised towards an emphatic win.
But, despite seeing his side sitting at the top of the table, Forest boss Davies was determined to keep everyone's feet on the ground at the City Ground.
He said: "I thought we played very well, but do not be kidded, there are still plenty of points to play for.
"We have made a good start. But what does that mean? There is a long way to go. I am too long in the tooth to know anything else, other than that there is still a lot of work to do.
"We have still got to gel this team together, we have new players to introduce. We will keep encouraging them to do the right things.
"I am pleased with the performance, I am pleased with the result - it was a big test against a club that is not long out of the Premier League. They still have parachute payments, they still have a good squad and they still have a big wage bill.
"We are delighted with the three points, we are delighted with the clean sheet - but there is a long way to go."
Bolton boss Dougie Freedman refused to criticise his players - including midfielder Pratley, despite his dismissal.
"In the second half, the sending off made it difficult for us - but was a sending off. It was always going to make it difficult for us, playing against a side who are probably one or two players away from being in the top two," he said.
"Darren is a great guy, he is fully committed - and I ask that from my players, so I am not going to criticise.
"It is a strong crowd here and maybe the occasion got to him, but I have no complaints. It was a sending off, but that is not the kind of guy he is.
"We were 3-0 down after little more than an hour, but my players did not give in. That is not the kind of statement that is going to make headlines, I know - but it will make me feel a little bit better.
"This is Nottingham Forest's day and we will move on. Forest made a strong start and only gained confidence from that.
"We have to draw a line under this and not look too much into things. This just was not our day. Once we were 2-0 down and down to 10 men, it was always going to be difficult."