"trusty" is now mostly used poetically, or to impart an old-fashioned flavour, or light-heartedly in the knowledge that it is old-fashioned-sounding. In normal situations use "trustworthy".
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wilpeterI agree with the reply, but I think the object of the trust makes a difference. A person worthy of your trust is trustworthy; a sword that has protected you before is trusted or trusty."trusty" can be applied to people too (as in "trusty friend", "trusty companion", etc.).