"It doesn't really feel like Melbourne Cup Day when you don't a ride in it," McDonald told the Herald.
"Of course it is Melbourne Cup Day and it is going to be a special moment for somebody and that will be great to witness. But from a nerves point of view and the build-up to the day it will be different from me not having a ride in the Cup.
"They don't just put the races on for me though and I've had a remarkable run over the last year or so and I still have a job to do. But I'd love to be out there."
Given his choice of rides McDonald says he would love to be on Deauville Legend on a soft or better surface while he opts for Gold Trip as the other class runner.
"And I will have my favourites I am watching, like Duais, who is being ridden by one of my best mates in Hughie [Bowman].
"But whoever wins we will all be stoked for them, we all dream of winning the Cup."
McDonald rode four winners on Derby Day as he attempts to eclipse his own record of 10 wins over the four days of the carnival but warns today represents his weakest book of rides on paper.
"It could be a tricky day and a lot will depend on how much rain we get but I thought my best would be Criminal Code [R3, No 3]."