Step 1: Chill your equipment. Place a large mixing bowl (preferably metal or glass) and the whisk attachment of your electric mixer in the freezer for 10-15 minutes. This step is crucial for stable whipped cream.
Step 2: Pour the very cold heavy cream into the chilled bowl. Add the sugar and vanilla extract.
Step 3: Using an electric mixer, start whipping the cream on low speed to prevent splatters. Gradually increase the speed to medium-high.
Step 4: Continue whipping until the cream reaches your desired consistency. For soft peaks (great for dolloping onto pie), stop when the cream holds its shape but the tip gently flops over. For firm peaks (better for piping or filling cakes), whip until the cream holds stiff peaks. Be careful not to over-whip, or it will become grainy and eventually turn into butter.
Step 5: Serve immediately or store in an airtight container in the refrigerator for up to 2-3 days. For best results, use a glass food storage container to help maintain freshness.