Step 1: Chill your equipment. Place a large mixing bowl (preferably metal or glass) and your whisk attachment or beaters in the freezer for 10-15 minutes, or in the refrigerator for at least 30 minutes. This step is crucial for stable whipped cream.
Step 2: Pour the very cold heavy cream into the chilled bowl. Begin whipping the cream on low speed with an electric mixer (handheld or stand mixer).
Step 3: As the cream starts to thicken and small bubbles form (after about 30 seconds to 1 minute), gradually increase the speed to medium-high.
Step 4: Once the cream begins to hold soft peaks (when you lift the beaters, the cream holds a shape but the tip gently curls over), add the powdered sugar and vanilla extract. Continue whipping.
Step 5: Increase the speed to high and whip until stiff peaks form. Stiff peaks mean that when you lift the beaters, the cream stands straight up without curling. Be very careful not to over-whip, as it can quickly turn into butter. Stop immediately once stiff peaks are achieved.
Step 6: Serve immediately, or cover and refrigerate for up to 2-3 days. Give it a quick whisk by hand before serving if it has settled slightly.