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FX trade losses exceeding deposits

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Pardon me as a newbie trying to understand the risks involved, I fear the worst case scenario ie losses exceeding deposits.
What other scenarios this can happen? Has this ever happened in IG forex CFD or any forex trading platform?  Heard about the heartbreaking story of a rookie trader who racked up $700K in debt in his Robinhood account.

Here's my example:
Long EUR/USD Mini (10,000) @ 1.1251 
Size = 1 lot/contract
Deposit = SGD 1,500
Margin Required = SGD 784.78 (USD 562.60) -- Leverage 1:20

Based on my demo trading :

- IG will not allow me to place order if I have insufficient funds. 
   In this case, I cannot buy more than 1 contract as it will exceed my deposit. So I can only buy 1 contract to enter the trade with SGD 784.78 as margin.
- Setting my stop loss 30 pips away, which is risking 2% of my deposit. IG set margin required to SGD 277.28.
  If stop loss is hit, I lose 2% of my deposit.

What I understand if I don't set a stop loss and the market goes against my favor, I will get a margin call if my account balance doesn't cover the margin requirement due to losses resulting in IG closing my position.

The worst scenario I could think of is the position is left open with no stop loss and no margin call when it is losing more than 1000 pips!!! which is more than my deposit.


 

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