Just to further explain -
If I do nothing *special* - no bold, italic, smileys, etc...
When I hit the PREVIEW button the text box shrinks to the size of the post I have written and and EDIT box appears. I click on that and I can edit my text.
If I bold or italic or
quote something, in the text box it appears with the [command]. When I preview, it all shows up exactly as it will when I post.
So gonna, you should see *something* happen no matter what you have typed when you hit preview.