The Reds suffered a controversial 2-1 defeat to arch-rivals Manchester United at Anfield on Sunday that left them languishing in the relegation zone with just two points from five games.
However, Gerrard (pictured) claims he saw enough positives from his side to suggest they can turns things around under manager Brendan Rodgers.
“We are not going to use any excuses, we know how many points we’ve got on the board and it’s not good enough,” he said.
“But it is no time to panic. The fans can see what the manager is trying to do and they can see what the players are trying to do because they are educated supporters.
“We know if we keep applying that kind of effort it will only be a matter of time before we go on a winning sequence. Not many sides will be able to live with us because we played some good stuff.”
Gerrard also sympathised with Jonjo Shelvey after his dismissal for a lunge on Jonny Evans, the first of two contentious decisions by referee Mark Halsey who also awarded the match-defining penalty which Robin van Persie converted for the win.
And Gerrard said: “If [Shelvey’s] tackle is wrong Evans’ tackle is wrong as well. That is the consistency we are looking for in referees and Halsey’s got that one wrong.”
Halsey, who was diagnosed with throat cancer in 2009, has since been the target of vile abuse from Liverpool fans on Twitter, one deranged supporter tweeting: “I hope Mark Halsey gets cancer again and dies.”
Meanwhile, Reds defender Martin Kelly is unlikely to play again this year after twisting his knee during the match.