The Potters booked their place in the fourth round on Tuesday with a 2-1 victory against Sunderland at the Stadium of Light.
Despite some big sides still left in the competition, Hughes is hopeful that he can guide Stoke to the latter stages of the competition.
"It has been something we have talked about prior to the season starting and we are making good progress," the Welshman is quoted as saying by Goal.com.
"We are only in three competitions and realistically we can only win two of them, so we wanted to try to do our best in this one.
"Everybody knows that you need a little bit of luck in cup competitions, that's a given, but if we can approach games and take games away from good teams then we have got a chance."
Stoke return to Premier League action on Monday when they entertain struggling Newcastle United.