In this paper I first outline a conceptual compass to think about identity generally before addressing more specifically the question of transgender identity. To this end, I draw on Gilles Deleuze’s (1993) related concepts of the rhizome and of the fold. I then argue that the body has always been and is ever-more-so the place for figurating the self, for finding and substantiating identity—hence, the unconscious psychic investments that we have in our bodies are key to our theorizing about any kind of identity. I propose that this focus provides a more productive, generative starting point for thinking about transgender identity specifically than any individual developmental theory because it accommodates the heterogeneity subsumed under the umbrella term transgender.