In root folder of ckeditor5-placeholder app run:
$ npm link # create global symlink to root of ckeditor5-placeholder
$ cd examples/placeholder-demo
$ npm link ckeditor5-placeholder # create local symlink to global symlink
The cool thing about npm link is that any change you make in your required module will be immediately reflected in your project. Read more
npm install
npm run start
npm run build
npm run prettify