A fishing reel includes a spool disk, a handle disk mounted coaxially and in juxtaposition with the spool disk, a winding handle or crank affixed to the handle disk, and a brake mechanism, including an actuator incorporated in the handle, for applying a drag braking torque between the spool disk and the handle disk. The braking torque is controllable by a user by squeezing the handle while holding the handle for cranking. Accordingly, the user does not have to let go of the winding handle in order to apply or vary the drag.