
But what exactly is a "Shemale"?
Shemale (sometimes she-male) refers to a natal male who has partially undergone transition to female, has breasts, but still has male genitals. The term has been used in a derogatory manner in some contexts and has been used by such individuals to describe themselves in others.

The term, along with tranny, ladyboy and others, is often used in sex industries to refer to a pre-operative transsexual woman who has not had sex reassignment surgery; although the industry is known to advertise catering to customer's interests. Less frequently, it is used to describe intersex people.
Like many potentially derogatory labels, some have adopted the term as an endearment or as a form of self-empowerment.
Read more: Shemale
Also see:" The Transsexual Empire: the making of the she-male" by Janice Raymond