The RTD thermocouple that Traeger uses to measure cooking temperature is notoriously inaccurate. Purchase a 3rd party thermometer to check the actual cook temperature. If I set my Ironwood to 450F, the actual cook temperature is 400F. However, the controller shows 450F. If your controller only shows 350F, something is wrong and you might need to contact Traeger customer service. This forum has no official connection with Traeger; members are fans of pellet smokers and other outdoor cooking methods.
Although Traeger calls sometimes calls their device a grill and sometimes a smoker, in reality it is a convection oven with smoke.
My preferred method of cooking steaks is to smoke the steaks at a cook temperature of 225F or below until they reach an internal temperature of 120-125F. Then I will allow them to cool and then sear them either on my gas griddle or in a carbon steel skillet on my kitchen stove. I try to end up with an internal temp of 140F, but if that is higher than you prefer, you might want to sear the steaks first, then smoke the steak until it comes up to final temperature.
Some people purchase Grill Grates to help concentrate the heat and produce a better sear on their Traeger. I got a set and still am not pleased with the searing capability. That is why I use an alternate method.
Another way of searing steaks is to use a "flame thrower" such as the GrillBlazer Sous Vide gun that is a high-power propane torch that reaches temperatures of 3000F. That will sear your steaks in a hurry. If you cook a lot of steaks, it is a good investment.
