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The politically correct term is Transgendered. Transvestites and Transsexuals prefer not to be called She-males (that's for the porn industry) and Lady-Boy will get you wacked in the face by some.
Not all TVs (tGirls) take hormones. Hormones make their dicks shrivel up and not function like a normal cum squirting cock. Many enjoy the excitement with tits and a working cock. Like society in general, some are straight, some bi, some gay or lesbian and some aren't into sex at all. They just don't all fit into nice little descriptions to suit the rest of us.
The real difference between a TV and TS is that the TV would have picked the right shoes for the occasion... My observation and generalization is that a TV will pay a lot more attention to the "props" of being a she, while a TS isn't has worried about it and is comfortable in old jeans and t-shirt.
To pull off the illusion, the voice has to change. The hormones help with that as does coaching and practice. So that lifestyle has a lot of trade offs.
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