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Originally Posted by Ch'i
Searing the outside of a red meat helps lock in its juices.
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This is a myth. Searing the outside only caramelizes the meat, giving it that characteristic meat flavour. A cooked steak still leaches out its juices, and needs 5-10 minutes to rest so that it can reabsorb those juices.
Cooking beef depends what type of cut you are using. The rule of thumb is the more active the muscle, the longer the cooking time. A heavily used muscle, like a shank, chuck or brisket, which come from the front legs and shoulders will be very tough and needs long, slow cooking, like a stew. Less used muscles have more fat and less connective tissue and are more suited to grilling or panfrying. Understanding what part of the cow you are cooking will tell you what you need to do.