For me, it's really important to get that good sear on both sides first. I cook with a good old-fashioned black Webber charcaol grill. What I will do is place them in the center with the lid off first for about two minutes per side. With the juices sealed in, I then move them off to the cooler perimeter and place the lid back on. I do about two more minutes per side for medium rare and 4 per side for medium. Of course, the thickness of the steak will play a major factor in the time. I usually do thicker cuts on the grill.
I don't eat meat, but you do, so you can use a trick until you start to get the feel for it. Take a plate outside and cut into the steak that you will eat. That way, you can see what is going on inside the steaks and not mangle your guests' meals. In any case, the most important part is that the hot part of your grill is hot, and I mean really hot. Searing the outside without cooking the inside is critical to keeping your steaks moist regardless how 'done' they want them, and giving them that very appealing chared texture and appearance that one would expect from steaks on the grill.
EDIT: Rockstar, Steven Raichlen is the freaking man.
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