Trust-aware recommendation approaches are widely used to mitigate the cold-start problem in recommender systems by utilizing trust networks. In this paper, we point out the problems of existing trust-aware recommendation approaches as follows: (P1) exploiting sparse explicit trust and distrust relationships; (P2) considering a misleading assumption that a user pair having a trust/distrust relationship certainly has a similar/dissimilar preference in practice; (P3) employing the transitivity of distrust relationships. Then, we propose TrustRec, a novel approach based on the matrix factorization that provides an effective solution to each of the aforementioned problems and incorporates all of them in a single matrix factorization model. Furthermore, TrustRec exploits only top-k most similar trustees and dissimilar distrustees of each user to improve both the computational cost and accuracy. The results of our extensive experiments demonstrate that TructRec outperforms existing approaches in terms of both effectiveness and efficiency.