The Royals are second from bottom in the table after winning just one match this season and they host Arsenal at the Madejski Stadium on Monday.
After their 3-0 defeat at fellow strugglers Sunderland on Tuesday, McDermott replaced Martin O'Neill as Sky Bet's favourite to become the third Premier League managed to be dismissed, following Mark Hughes and Roberto Di Matteo.
"People talk about my job and I understand that. I don't go home at night feeling great about myself because we're not winning games," McDermott said.
"I'm favourite to go first, we all know that. Sixteen games ago I'd have been 50-1, now I'm 7-4. That's how it works in football and I completely understand because it's a results-driven business.
"Generally over the last three years we've won a lot of games and our record is good, but all I do is focus on what I can do. We're not winning but we're trying to win."
McDermott has been given full the backing of owner Anton Zingarevich and chairman John Madejski, who earlier this week described speculation that his job is under threat as "totally absurd".
"The chairman has been very supportive, as has Anton. Anton was very supportive after the Sunderland game, he knows what the situation is," McDermott said.
"The chairman has been supportive for the 12 years I've been here. He's been terrific for this club."