A 6-2 win over nearest rivals Elgin City at Borough Briggs allowed the Light Blues to put further distance between themselves and the rest of the pack as they claimed their eighth victory in a row. McCoist felt the win from the entertaining tussle was well deserved but claimed Rangers still have a long way to go.
He said: "We're in a good place just now and we have earned the right to be where we are and that's just as important. We've still got a lot of big games coming up over the festive period on Boxing Day and then another big day at Hampden."
He added: "So there's miles and miles to go and over the next few months will decide how it goes. That said, we have got to be delighted with the position that the boys have put us in, but it's far from over. The job's far from done yet."
This fixture was initially set to take place on November 25 but was postponed after Elgin sold too many tickets for the visit of the Glasgow giants. And, having now secured the three points, McCoist believes the win was a significant one for his side.
He added: "It was a big game for us because I know they fancied it today, as you would expect them to, especially on their own pitch.
"A lot of people would have looked at the conditions with the wind and the rain and with it being a horrible day. If there was going to be a shock - if you want to call it a shock - it might have been today. But I thought we thoroughly deserved the win."
Andy Little and Lee McCulloch helped themselves to a double each, while Lewis Macleod and Kyle Hutton were also on the scoresheet.
Elgin also contributed to the goal tally, with Daniel Moore and Mark Nicolson both finding the back of the net and Moore also failing to convert from the penalty spot late on.
Elgin boss Ross Jack said: "It was a great marker for Rangers to put down today. We are the closest team to them and they just blew us away in the second half."