High-speed machinery is often designed to pass several "critical speeds", where vibration levels can be very high. To reduce vibrations, rotors usually undergo a mass balancing process, where the machine is rotated at its full speed range, during which the dynamic response near critical speeds can be measured. High sensitivity, which is required for a successful balancing process, is achieved near the critical speeds, where a single deflection mode shape becomes dominant, and is excited by the projection of the imbalance on it. The requirement to rotate the machine at high speeds is an obstacle in many cases, where it is impossible to perform measurements at high speeds, due to harsh conditions such as high temperatures and inaccessibility (e.g., jet engines). This paper proposes a novel balancing method of flexible rotors, which does not require the machine to be rotated at high speeds. With this method, the rotor is spun at low speeds, while subjecting it to a set of externally controlled forces. The external forces comprise a set of tuned, response dependent, parametric excitations, and nonlinear stiffness terms. The parametric excitation can isolate any desired mode, while keeping the response directly linked to the imbalance. A software controlled nonlinear stiffness term limits the response, hence preventing the rotor to become unstable. These forces warrant sufficient sensitivity required to detect the projection of the imbalance on any desired mode without rotating the machine at high speeds. Analytical, numerical and experimental results are shown to validate and demonstrate the method.