But would that be considered insider trading? Or is it good stock tips? or what? Morally i think it might be a little wrong due to having an unfair advantage but WTF.
As someone who works in the industry...
It's probably not "insider trading." Insider trading is by definition trading on material nonpublic knowledge, defined as anything not publically known that, if known, would be likely to materially effect the price of a stock.
So, if you're talking about having a hunch that a particular security is undervalued, and making a recommendation to someone to trade on it, that's not insider trading. If, however, your brother works for Acme Corporation, and he tells you in confidence that a competitor has made a tentative initial buyout offer, privately, offering $25 a share when Acme is trading at $15, and that if the deal is accepted by Acme's board, then it'll be made public on Tuesday, then trading on that information WOULD be insider trading. The offer isn't public knowledge, and a reasonable observer would expect the price of Acme, Co to jump from $15 to $25 on news of the buyout. Buying at $15 and then selling Tuesday morning at $25 will net you $10 a share in profits, but will also be likely to get you in trouble with the SEC.
As for the secont part, don't take this the wrong way but it's probably not a "good tip" either - I know just enough about equity research to know I'm not even close to qualified enough to start giving professional advice. It, in retrospect, may have worked out rather well, but with nothing to go on but a hunch it was just a lucky guess.
But hey, if you feel confident, then stop trading fake money and do it. Maybe you're a natural.
EDIT - missed this the first time around:
The other thing that i am having trouble with is that in the industry i work in a am privvy to little bits of info here and there. Saying that i'll watch the company i hear about and almost always it seem to have considerable gains.
Ok, that changes things slightly. IT depends what you mean by "little bits of info here and there." If, for example, you're talking about seeing a copy of a company's quarterly financial statements before its released and realizing they're likely to beat earnings forcasts by a fair amount, then yes, that's insider trading. If it's something where you follow the news pretty closely in your industry, and you read a story about a company securing a large contract, and then over the next couple of weeks their stock price continues to rise 50%, then you're probably in the clear.
As the information you're trading on is publicly available for anyone willing to look, then you should be in the clear. I'm in a professional organization related to my field which has a pretty rigorous code of conduct, and one of the mental exersizes they suggest whenever you find yourself in a potentially unclear ethical dilemma is to imagine that, a month or two from now, you were the feature of a newspaper story about your actions. Would the story be likely to spark outrage from rational, unbiased members of your industry? Out of your friends and family? If so, you're probably in the wrong.
About 3 weeks after that I received a check for $1,000, a congratulatory letter and a booklet about the contest that was sent to each participant. In the booklet I was identified as "Richard King, a student who resides in Minnesota". My list was up 104.9% in that 6 months. The sponsor's list was up about 84% or so. They wouldn't tell me how many had entered the contest, but there were over 1,000 stocks selected. Winning that contest was a good ground breaker at the new school. I was written up in the Minneapolis newspaper and appeared on the local Sunday morning business television show. I never heard from the sponsor again. 
