The former Everton and Leeds United star was part of the Bolton team which lost it's fourth game in a row against local rivals Manchester City at the weekend and says the current blip has surprised everyone at the club.
"Four defeats in a row is a surprise to us all. We've got to look at ourselves collectively and see what we are not doing now that we were doing at the start of the season.
"We can't be doing the same things, otherwise we wouldn't be on this run of results.There have been a few heart-to-hearts among the players and staff, and we know the only way we are going to get out of this is to stick together.
"We are desperate to get ourselves out of this. We have been coming together as a team in these meetings to try to make sure things go right on the park.
Speed admits that the team sometimes didn't work as hard in recent times but says that crowd pressure by frustrated supporters isn't helping the situation.
"In some games we weren't working as hard, but that couldn't be aimed at us after the City game. Perhaps it was our quality on the ball and the final pass that let us down, but having the crowd on our backs doesn't help.
"It makes you nervous on the ball when you need to be able to relax and get the quality on the final pass or the final cross."