You copy/paste the Placeholder Text onto your admin panel add/edit page but they are not working.  The fix for this: you have stylized the Placeholder Text in a way that has interfered with it.  You need to make sure to highlight the whole Placeholder Text and then add styling to it.  You can fix this / check on this on the admin panel add/edit page by clicking on the "HTML" button on the Content Editor Box.  Make sure your Placehlder Text does not have extra coding in between it - just around it.

If you have a lot of styling code to clean up, an easy solution to clean it up/start over is to highlight all of your content in the Content Editor box, paste it in Notepad, and highlight/copy and paste it back in the Content Editor Box on your add/edit page.  The extra styling code will be removed - as well as any formatting you may have included, so this may not be the best/quickest/easiest solution for you in that case.  Best to click on the "HTML" button and edit directly as mentioned in previous paragraph.

If you have any questions on this, please feel free to post!