The Austria international was linked with a move to Old Trafford in the summer transfer window as the Red Devils searched for a back-up for David de Gea.
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Bachmann made 13 appearances last season as he vied with Ben Foster for the number one jersey at Vicarage Road but couldn't prevent the Hornets from being relegated from the Premier League.
Such regular game time may not have been afforded to Bachmann had he made the move to Old Trafford and the shot-stopper is delighted he decided to remain with Watford.
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Speaking exclusively to talkSPORT, Bachmann said: "I've always been happy at Watford. I've always felt comfortable here. I think this is my sixth season here now, so I've been here for a while. I know everything and I know everyone.
"The thing in the summer, there was an opportunity that came and of course, it was in my head. Of course, there was a possibility that I could go there [to United] but I'm incredibly happy with the way it's all worked out and I'm still at Watford.
"For me personally, I've really enjoyed this season. I've had a fantastic start on a personal level with how I started certainly the first 5/10 games.
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"I feel like I'm in a really good place at the moment and I'm just enjoying my football and I'm enjoying being one of the leaders in the team now and one of the more senior figures. Hopefully, [I] help everyone because we've got quite a young team and quite a young squad, so [I want] to help everyone to get to where we want to be."
It's not been plain sailing for the Hornets this season, who have been hit by a raft of injuries to a number of key players during the campaign.
Matters came to a head in January, when a further three injuries during Watford's 1-0 win over Norwich meant they had 15 players out on the sidelines.
Bilic - who replaced Rob Edwards in September as head coach - was forced to hand opportunities to some of the club's youth team players during that injury crisis and despite all the odds being stacked against him, the Croatian still has the Hertfordshire club in contention for promotion.
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Monday's game against West Brom could be pivotal in the chase for one of those play-off spots and Bachmann is confident the Hornets can still challenge for promotion back to the Premier League.
"It's been incredibly difficult for us, as a team and as a club and for the manager with the injuries we've had," he finished.
"I've played football for a long-time and I've never seen something like that in my whole career. It was difficult to deal with for us as a team. But I think overall, we've dealt with it quite well.
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"We're still in the play-off places and that shows the depth in the squad that we have and the togetherness as well because we've had multiple games this season where a lot of players have been playing out of position and I'm not talking about a right-back playing at left-back. I'm talking about defenders playing in midfield and strikers playing in midfield and wingers playing out of position.
"It's been incredibly difficult but I think overall, we're happy to be in the play-offs. We're still in the hunt for second place and we know it's a lot to do. But we're not going to give up until it's mathematically impossible."