I hope this helps clear up some of the confusion taken straight from the lgbt wiki
The initialism has become mainstream as a self-designation and has been adopted by the majority of sexuality and gender identity-based community centers and media in the United States and some other English-speaking countries.
The initialism LGBT is intended to emphasize a diversity of sexuality and gender identity-based cultures and is sometimes used to refer to anyone who is non-heterosexual or non-cisgender instead of exclusively to people who are lesbian, gay, bisexual, or transgender. To recognize this inclusion, a popular variant adds the letter Q for those who identify as queer and/or are questioning their sexual identity as LGBTQ, recorded since 1996.
Quote from: CapnKye on October 20, 2014, 09:01:48 AM
Furthermore, why is it there when a good chunk (if not the majority) of transgendered people identify as staight?
This part refers to being trans post transition and being with someone opposite of your true sex. I once wondered this myself as it seemed a double edge sword of if you start as male become female then you would be straight with a female but as a female and straight you would need to find a man to be straight then I realize I'm going to be with whom I find sexually attractive and it doesn't matter.