Even at this early stage in the season both teams are already facing an uphill struggle to retain their Premiership status, but both of them went for a winner and in an even second half the match could have gone either way.
It was Charlton's first draw of the season and only their fourth point in nine games, while Watford with five draws, are still looking for their first Premiership victory following last season's promotion.
Both managers, Ian Dowie of Charlton and Adrian Boothroyd of Watford, stressed before the game the importance of their side getting over the fear factor and certainly neither manager could complain about the effort put in by their players. But Charlton will be the more disappointed that they failed to take the points especially as they were at home.
Boss Dowie changed to a 4-5-1 formation with Jimmy Floyd Hasselbaink dropping to the bench and Darren Bent forging a lone role up front.
The England striker who has scored six of Charlton's seven goals this season left his shooting boots behind when the few opportunities came his way.
After a shaky start Watford gained in confidence with the former Charlton defender Danny Shittu getting his side out of a couple of difficult situations.
Bent had the first clear cut chance of the game when he was played in by Jerome Thomas, but he fired his shot wide and then Thomas himself playing his first full match after an injury lay-off also hit his effort over the bar.
Then Ben Foster, the Watford goalkeeper had to make two fine saves to deny Andy Reid the second great tip over from the midfielder's corner.
After Shittu had headed over for Watford it was 44 minutes before the visitors got a shot on target, but Scott Carson was able to save Ashley Young's shot comfortably.
In the second half both teams went all out in an effort to break the deadlock and Watford had the clearest chance of the match when Darius Henderson missed a sitter firing over from six yards with the goal gaping in front of him.
Henderson had come into the side after striker Marlon King was injured in training on Friday.
The match continued to be end to end and Hasselbaink finally made an appearance on 77 minutes, but Watford continued to keep the home side at bay and it was the visitors who looked the stronger as the game progressed, with Tommy Smith twice having good chances which he squandered.
The biggest cheer of the day came in the last minute when Watford substitute Chris Powell, who was a firm favourite at Charlton for many years, came onto the field.