An exercise device uses a guide member that is rotatably arranged on a shaft. A continuous, flexible pulling member wraps around the guide member and causes the guide member to rotate when the continuous, flexible pulling member is pulled. Two rotatable metal discs are arranged coaxially with the guide member on the shaft, one rotatable metal disc being arranged on each side of the guide member. A gear set is operatively connecting the guide member and the two rotatable metal discs. A magnetic cylinder is arranged substantially parallel to the shaft between the two rotatable metal discs such that a magnetic field passes through radially outer areas of the rotatable metal discs in a substantially axial orientation. The rotatable metal discs and the magnetic cylinder form an eddy current brake which counteracts a pulling motion on the continuous, flexible pulling member.