As they are assigned male at the time of their birth, trans woman does not have ovaries or uterus. During menstruation the lining of the uterus shed and bleed, since there is no uterus, trans woman do not bleed or menstruate.

Can intersex people have periods?

Mostly, it depends on the sexual and reproductive organs an individual is born with, whether they will have periods or not. If an intersex person is born with a functioning uterus, ovaries, and a vagina, most likely that person will start menstruating at puberty.

What do guys have instead of periods?

Of course, men don't actually have the lovely bonafide PMS related to preparing the uterus and egg for fertilization. But some go through what's called the male PMS: "IMS" (Irritable Male Syndrome). This can be attributed to men experiencing a drop in testosterone, the hormone that gives them their mojo.