A.T. Robertson Commentary James 4:3

"Ye ask, and receive not, because ye ask amiss, that ye may spend [it] in your pleasures." — James 4:3 (ASV)

Because ye ask amiss (διοτ κακως αιτεισθε). Here the indirect middle does make sense, "ye ask for yourselves" and that is "evilly" or amiss (κακως), as James explains.

That ye may spend it in your pleasures (ινα εν ταις ηδοναις υμων δαπανησητε). Purpose clause with ινα and the first aorist subjunctive of δαπαναω, old verb from δαπανη, cost (Luke 14:28 only in N.T.), to squander (Luke 15:14). God does not hear prayers like this.