A fly fishing reel comprises a large diameter spool having a broad width and a shallow line storage depth. The reel may have an arm-like body and a unique mounting member which, when attached to a fishing rod, positions the perimeter of the spool across a longitudinal axis of the rod. In an additional aspect, a drag mechanism is provided in a center hub of the spool. The drag mechanism is a unidirectional dual cone drag mechanism. The drag mechanism comprises a pair of opposing frictional conical race members, an inner race member inserted into an outer race member. The race members are biased into contact to create drag on the rotating spool. A roller clutch is utilized to produce a unidirectional drag mechanism. The roller clutch is configured to lock thereby causing relative rotation of the race members creating frictional drag only when the spool is rotated in the 'reeling out direction'.