We discuss some general properties of
$\mathrm {TR}$
and its
$K(1)$
-localization. We prove that after
$K(1)$
-localization,
$\mathrm {TR}$
of
$H\mathbb {Z}$
-algebras is a truncating invariant in the Land–Tamme sense, and deduce
$h$
-descent results. We show that for regular rings in mixed characteristic,
$\mathrm {TR}$
is asymptotically
$K(1)$
-local, extending results of Hesselholt and Madsen. As an application of these methods and recent advances in the theory of cyclotomic spectra, we construct an analog of Thomason's spectral sequence relating
$K(1)$
-local
$K$
-theory and étale cohomology for
$K(1)$
-local
$\mathrm {TR}$
.