extruder is skipping and not pushing

I am trying to print a 40mm cube. My nozzle size is 0.3mm, layer height is 0.2mm, printing speed is 40m/s.Printing ABS, nozzle temperature 230, bed temperature 110. The problem is in extruder as when it is printing the gear that is pushing the filament is skipping and not pushing the filament. If I try to loosen it is just doesn't get grip. If i tighten it, it starts skipping again. When I push the filament with my hand it actually works. I decreased the printing speed from 60 to 40, but it just gets worts. Im including video which shows how the gear is skipping. Any help appreciated. [youtu.be]

Edited 1 time(s). Last edit at 01/10/2016 10:42PM by asadpasat.

Try to increase the motor current, what's more, the initial layer height is somewhat too far away from the bed

Can I increase the current from program? Like, I can't edit the program on arduino on printer as it doesn't let me to reupload new firmware. (I purchased this printer with pre loaded firmware)

There are potmeters to adjust the current. See this instructions.
-Olaf