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Crazy kids. A steak needs 2 min max on either side at the highest heat your stove can get to, in a thick bottomed pan. Let it sit after cooking, for as long as you had it on the heat, ie/ 4 min. That is assuming the normal thickness of a steak.The big mistake I see people make is putting oil in the pan rather than on the steak. Rub it in oil (i use evoo), salt and pepper and let it sit for a little bit before cooking.
I've actually never tried with coconut oil, do you still get that nice dark brown caramelized surface?