Harry Redknapp's men prop up the rest of the division on two points after picking up two draws from their opening four games.
That doesn't tell the full story though. West Ham pushed Chelsea hard before losing 4-2 on day one, went down to 10 men early on in the defeat against Leicester and in their last two matches came from 2-0 down to draw 2-2 with champions Manchester United and grabbed another great point at Sunderland.
Boss Graham insisted: "West Ham haven't had the best of starts points-wise but I've had them watched and the reports I've had back suggest they've been playing well without getting the rewards for it.
"They have some great individual talent. They have potential match winners and a wealth of experience in Davor Suker and Paolo Di Canio mixed with the youth of Michael Carrick and Joe Cole in midfield. On their day they could beat anyone."
The manager is also determined to put right a miserable recent run against the Hammers - we've only beaten them once in our last seven meetings in the Premiership, back in January 1998.
"In the last couple of seasons it hasn't gone too well against West Ham and hopefully we can put that right," said Graham. "If we can get a good result against them it would leave us in a healthy position. You always want to get off to a good start at the beginning of the season."
George Graham has told his players to forget West Ham's current position as the Premiership's basement boys.