This happened to me and I've seen several guys post the same thing. I fixed this problem myself so I thought I would share the fix. In my case it was a form of depression. If you're not familiar with the condition you don't have to feel sad or down, there many types of depression. In my case I felt constantly disconnected. For example a sexual thought upstairs produced a weak response downstairs.
I had perfect TRT labs and felt exactly the same as before I started. Much better physical condition but zero libido and no morning wood. I played with what I refer to as my home brain chemistry set (I applaud my Dr for letting me tweak my doses and drugs as long as I called him to tell him what I was doing.) and after weeks of tweaking I hit it right. Here is the fix:
1) Zoloft 100mg (Good SSRI that actually blocks the reuptake of dopamine more than Wellbutrin)
2) Remeron 7.5mg before bedtime (Antagonizes 2 serotonin receptors that are responsible for anorgasmia and the negative feedback loop for dopamine.)
3) Requip 3mg split in three 1mg doses during the day (Dopamine agonist.)
4) 400mg SAMe
With this protocol libido and morning wood returned. Also I have zero SSRI side effects by adding in a little Remeron and Requip. Using Zoloft alone I was chemically neutered but with Remeron and Requip added all of the SSRI side effects went away in a week.
My point is if you have perfect TRT labs and still no results don't forget the most important part, your brain.