Help Plz! FT232RL USB to TTL Serial Converter 5V and 3.3V For Arduino BU

I bought this FT232RL + an Pro Mini atmega328 5V 16M Replace ATmega128 Arduino Compatible Nano module BU

http://www.ebay.com/itm/FT232RL-USB-to-TTL-Serial-Converter-Adapter-Module-5V-and-3-3V-For- Arduino-MG-/181778606883

I can't get it to work, Does anyone know what setting I should use in the IDE? I am getting the flashing light on the Arduino so I think it's fine. I am getting the following error when uploading

avrdude: stk500_recv(): programmer is not responding avrdude: stk500_getsync() attempt 9 of 10: not in sync: resp=0x72

I am not sue if I have the wiring correct, should I remove the jumper and connect TXD and RXD there? Should it be set to 5V?

Please help

Thanks