A chaotic finish produced three goals in five minutes with substitute Hal Robson-Kanu prodding home the equaliser in the 90th minute.
Just three minutes earlier Dimitar Berbatov fired what appeared to be a classy winner, while Fulham substitute Bryan Ruiz had opened the second-half scoring with a terrific strike.
"You have to say Fulham looked like the Harlem Globetrotters when they brought Bryan Ruiz on," McDermott said.
"Ruiz cost them £10million. We all know Dimitar Berbatov is an absolute class act.
"They have Brede Hangeland at the back, Mahamadou Diarra in the middle and Damien Duff - they have a number of players of real quality."
Reading entered half-time 1-0 ahead through Mikele Leigertwood but once Ruiz had equalised the fireworks really began.
Chris Baird nodded Fulham ahead in the 78th minute and Garath McCleary equalised before Berbatov and Robson-Kanu exchanged goals in a breathless climax that enthralled the Madejski Stadium.
Reading's search for their first Premier League win of the season continues, but McDermott insists it is only a matter of time before it arrives.
"I thought we would win it at 3-3 because we had a couple of little chances. But at 3-2 down you'd take the point at that stage," he said.
"My players keep going, even when they're behind and that's really good for the future. We keep on going.
"I spoke to the players and said what people will talk about is the win, but the important thing for us was to play the game. The win will come, that's not an issue."
Berbatov could be a doubt for Saturday's clash with Everton after damaging a rib on Saturday afternoon, with Fulham boss Martin Jol revealing he required an injection to continue.
"Berbatov was good. He can play in midfield, in the hole and up front," Jol said.
"He needed an injection to play the second half and showed a lot of character.
"There was a problem with his rib which was very painful. Maybe it was broken, we'll have to take a look at it.
"We asked him to play on for 10 or 15 minutes but he stayed on the pitch and it was good to see him score the third goal."
Once Baird had scored, Fulham looked on course for a precious away win and Jol admits they should have left Reading with all three points.
"We started the first half brightly and had a lot of possession, but there was no purpose to our game," he said.
"We didn't go forward enough for our liking because we have players like Dimitar Berbatov, Damien Duff and Hugo Rodallega.
"Without playing well they scored a great goal. In the second half we did exactly what we wanted to do - created chances and scored goals.
"If you score three goals against a team like Reading, you should have done enough to win.
"I thought Berbatov had scored the winner, but maybe we need to be a bit cleverer and not give away that late free kick."