Two straight men I know- yes, I do mix outside my community- are obsessive about Thai ladyboys....at a distance I must emphasise.
I'm no expert but I have watched the two-way transition of P's cousin, whom I first met as a twenty-three year old in 2006. He was a good-looking, rather femme gay guy. Over the next eight years I watched him slowly but inexorably become "a lady". Hair, jewellery, dresses, speech, behaviour... step by step he was transformed.
About thirteen years ago he became a mamasan in one of the "men for ladies" clubs in Third Road, even appearing on Thai TV.
Then, when he reached forty, he started moving in the opposite direction and now dresses as a man, if a little eccentrically; and the cosmetics and the dresses are gone.
P tells me he still uses Khatoey Argot, of which I understand not a word, but this remains the last vestige of his rather odd gender-journey.