I'm new to LyX. I have just given it a try and written my first article.
I discovered a panel from Menu > View > View Source. It shows the source code of my article. But as far as I see, I am not able to edit this code preview panel. I want to edit both the panels. I want the other panel automatically update itself as I type one panel (like the split panels of code/design in Adobe Dreamweaver). If editing both the panels is not possible, at least I want to do it on the reverse; I only want to work on code and see its preview real time.
Is this possible in LyX?

This is how your example looks with instant preview on.